QIB Finances Salam Bounian Tower for QR 206 Million

Doha – QIB and Salam Bounian have signed a QR 206 million Musharaka agreement through which the Bank will finance the developer’s Jumana Tower at The Pearl. QIB is a leading financial institution in Qatar, financing some of the country’s largest vital projects and is a dedicated supporter of the country’s economy.

Jumana Tower is a residential project at The Pearl’s Porto Arabia. Facing the marina, the 28-floor tower offers 250 luxury apartments. Jumana Tower construction is proceeding according to schedule and is due to be delivered next year.

QIB CEO, Mr. Salah Jaidah, commented on this agreement, saying, “Qatar’s economic growth has been measured between seven and nine percent in 2009. With continual government support of the local real estate sector and the resulting involvement of primary local financial institutions such as QIB, sector growth will continue to rise and the market will see an increasing number of large finance deals such as QIB’s agreement with Salam Bounian.”

Mr. Ahmad Meshari, QIB General Manager, Domestic Business Group, said, “QIB and Salam Bounian have a strong collaborative history regarding Sharia’-compliant finance agreements. QIB has previously organized sukuk for Salam Bounian for a USD 137.5 million finance for “The Gate” project. This Jumana Tower agreement is an extension of QIB and Salam Bounian’s strong relationship characterized by the strength and stability of its real estate projects.”

Salam Bounian General Manager, Mr. Yasser Hamad, said of the QIB – Salam Bounian partnership, “This agreement is symbolic in that it is the first major Islamic finance agreement to occur since last year’s Q3 crisis. It proves that Salam Bounian is respected in the banking industry and is considered a strong company in the market with a solid foundation and good reputation.”