QIB Press
Digital Desk
Sep 30, 2014 | 8 Minutes
QIB has been named as “Contractor Financing Bank of the Year” at the Qatar Contractors Forum, which was held last week at the Intercontinental Doha – The City – Hotel, Qatar.
The event was set up to bring together decision makers who are involved with various major projects in Qatar and to discuss the emerging challenges faced by contractors in the country. This is coming at a time when the country is undertaking massive projects in Qatar’s infrastructure in preparation to host the 2022 World Cup, as well as the undertaking of a major new port project, the 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 upwards of $140 billion 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 recently received award is another testimony of QIB’s commitment to the contracting sector, by dedicating a specialized team to fulfil all contractors’ financial needs.
QIB caters for 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 undoubtedly present great opportunities as well as present new challenges to the contractors that are tasked with delivering these projects. QIB itself has a dedicated team which operates exclusively for this sector, being able to offer customised Shari’a compliant solutions to fulfil contractors’ financial requirements and support the achievement of the Qatar National Vision.