Qatar Islamic to raise capital for expansion

Qatar Islamic Bank said on Wednesday it had won approval to raise its share capital and to distribute a 2007 cash dividend of 20 per cent and one free share for every two held.

Qatar's fourth largest lender by market value will raise its share capital in two rights issues of 10 per cent this year and next with the first beginning on March 18, the bank said in a statement on the bourse web site following its annual general meeting.

QIB is also aiming to expand its network after opening a subsidiary in the United Kingdom at the start of the year.

"QIB is undertaking feasibility studies in Turkey, Egypt and other Gulf countries in addition to Indonesia and Brunei as part of expansion plans of the Asian Finance Bank," it said in the statement, without giving further details. (Reuters)