Qatar Islamic Bank named as ‘Contractor Financing Bank of the Year’…

Qatar Islamic Bank (QIB) has been named “Contractor Financing Bank of the Year” at the Qatar Contractors Forum held last week at the Intercontinental Doha – The City – Hotel.

The event brought together decision-makers involved in various major projects in Qatar to discuss the emerging challenges faced by contractors in the country.

The forum was held at a time when the country is preparing for massive infrastructure projects for Qatar’s hosting of the 2022 FIFA World Cup, as well as the undertaking of a major new port project, completion of the first phase of the new Hamad International Airport, and the start of the Qatar Railways project, all of which are likely to cost $140bn over the next five years.

As the leading Islamic financial institution in Qatar, QIB is heavily involved in the provision of Islamic financial solutions for the implementation of contracts for large projects. The “Contractor Financing Bank of the Year” award is another testimony of QIB’s commitment to the contracting sector by dedicating a specialised team to fulfil all contractors’ financial needs.

QIB caters to the complete needs of the bank’s major contracting customers engaged in diversified engineering, construction, as well as operations and maintenance contracts. Whether the contracting company needs bank guarantees to qualify to enter public tenders or the necessary fund to complete the awarded project, QIB offers extensive experience and the right financing solutions.

Qatar is witnessing an economic boom, which is the result of strong economic growth in the country and the increase in construction will present great opportunities as well as present new challenges to contractors that are tasked with delivering these projects.

QIB has a dedicated team that operates exclusively for this sector, being able to offer customised Shariah-compliant solutions to fulfil contractors’ financial requirements and support the achievement of the Qatar National Vision 2030. Source: Gulf Times