Qatar Islamic Bank plans real estate funds

13 August 2007

Qatar Islamic Bank (QIB) has revealed plans to launch real estate funds to invest principally in the London and Asian markets.

The bank has earmarked around $200-300 million for the funds, which it hopes to launch in this quarter, Gulf Time reports.

QIB chief executive officer Salah al-Jaidah said: "Real estate products are to be launched in the third quarter which will further (strengthen) our profitability."

"We are looking at London and other real estate markets within Asia."
The announcement of the proposed funds comes at a time when a number of other hedge fund companies have experienced severe losses as a result of exposure to the beleaguered US sub-prime mortgage market.

Mr al-Jaidah also confirmed that QIB is looking to establish a bank in Sudan with authorized capital of $1 billion by next year.

QIB's other overseas ventures include the Arab Finance House in Lebanon, Yemen-based Tadamon Islamic Bank, Solidarity Family Islamic Insurance in Bahrain and Gulf Finance House in Bahrain.

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