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Qatar International Islamic Bank mulls 100% foreign ownership

At present, foreign investors hold 49% shares at the Qatar International Islamic Bank

The Qatar International Islamic Bank’s (QIIB) board of directors has recommended that they might allow 100 percent foreign investor ownership of the bank’s capital, instead of the present 49 percent shares that it holds at present, according to media reports.

QIIB released a statement to the Qatar Stock exchange, the financial body mentioned that making this step into reality will require the approval of the supervisory and regulatory authorities. After that, the proposal will be submitted to the shareholders for their approval.

QIIB is also the smallest out of the four Islamic banks in Qatar and holds about 14 percent of the market share of all Islamic banks assets, as reported by Finch’s rating.

In April 2021, a draft law to allow foreign investors to fully own companies listed on the exchange was approved by the Qatari cabinet. If this draft law is actually turned into a law, experts have pointed out that it might result in an inflow of overseas funds. Last year, Qatar also relaxed rules on foreign property ownership to make the sector more attractive to expatriates, foreign investors, and real estate funds.

QIIB has announced the launch of its latest corporate and business solutions where they will be introducing two Visa credit cards that will provide flexible, easy, and convenient payment solutions to large, medium, and small enterprises.

Both the Visa credit cards by QIIB are said to be a valuable addition to the services it provides to its corporate customers. Another advantage of the QIIB credit card is that they are accepted both locally and internationally, thereby providing its holders with the best and appropriate banking experience. The latest Visa card will also allow the customers to benefit from QIIB digital pay solutions along with Fitbit Pay and Gemini Pay, both of which are payment wristbands.

Image credits- FinTech Futures

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