The International Islamic News Agency is reporting that the Qatar Islamic Bank (QIB), whose Shariah board is headed by the most important global Muslim Brotherhood leader, posted a record profit in the first quarter of 2008. According to the report:
Qatar Islamic Bank’s profit in the first quarter of 2008 surged 69 percent to a third consecutive record of 455.5 million Qatari riyals ($125.2 million ), compared with 270.2 million riyals during the same period last year. The net income from lending jumped 54 percent to 254.1 million riyals, and net income from investing activities almost doubled to 353.7 million riyals, said QIB CEO, Salah Jaidah…Local banks are showing impressive results thanks to the booming economy. The economy of Qatar, the world’s largest exporter of liquefied natural gas, may grow 9.9 percent this year, according to a Reuters survey of economists in December, compared with an average during the last six years of almost nine percent. Banks have also been expanding through acquisitions as they face greater competition in their home markets.
An earlier post pointed to a report by the Center for Security Policy which is sharply critical of the concept of Sharia finance and Islamic banking, concepts in which the global Muslim Brotherhood has played a critical role in developing. According to a summary of the CSP report, the central aim of Sharia finance is to promote Islamist goals. Global Muslim Brotherhood leader Youssef Qaradawi is chairman of the QIB Shari’a Control Board and a previous post reported comments by the QIB CEO who praised Qaradawi and the Sharia board for their role in the development of Islamic financing. Also noted was that Qaradawi and his associates have also been known to engage in what might be described as “shakedown” operations to force local companies to deal with Islamic financial institutions. Record profits at QIB can only be to Qaradawi’s financial benefit and facilitate his role in helping to support global Muslim Brotherhood activities.