Posted on May 15, 2011

Barwa Bank has held its Annual General Meeting (AGM) at which the financial results for 2010 were approved. The AGM was held on May 11, where shareholders listened to the financial reports and approved the agenda of the meeting.

H.E. Sheikh Mohamad Bin Hamad Bin Jassim Al Thani, Chairman of Barwa Bank gave a detailed report on the bank's activities and financial results approved by the board of directors, and highlighted the good results achieved by the bank in 2010. Barwa Bank achieved a growth in net profit at 703% in 2010 scoring QR24.9m net profit compared to QR3.1m in 2009.

H.E. Sheikh Mohamad Bin Hamad Bin Jassim Al Thani, Chairman of Barwa Bank commented on the performance of the bank :"Barwa Bank started its operations during the well known difficulties that followed the world crisis, which caused major banks and financial institutions around the world to collapse, yet with God's grace, Barwa Bank managed to avoid the consequences of the crisis. Barwa Bank entered a highly competitive financial market in Qatar and managed in a short time to establish itself among the major institutions, thanks to its clear strategic vision and the commitment of the executive management to the values of innovation and quality in execution." "Consistent with our strategy for Barwa Bank to grow its customer base and offering to become one of the pioneering Sharia'h compliant financial groups in the region and the world, the bank acquired First Finance and First Leasing companies, (following the 2009 acquisition of The First Investor Company), to be all consolidated under Barwa Bank Group, which helped support the financial position of the bank, increase assets and grow market share" noted Sheikh Mohamad.

" 2010 witnessed a strong leap forward for Barwa Bank, and we are confident that the positive supporting environment and promising opportunities in Qatar will be the foundation for greater achievements by Barwa Bank in years to come" concluded H.E. Sheikh Mohamad Bin Hamad Bin Jassim Al Thani, Chairman of Barwa Bank.

BARWA Bank is the newest sharia'h compliant bank in the State of Qatar, established in Doha and licensed & regulated by the Qatar Central Bank. With an authorised starting capital of QR 2.5 billion, BARWA Bank provides a full range of Shari’ah compliant banking services including retail, corporate and commercial banking, business banking private banking, real estate finance, structured finance, investments and asset management.