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QIB and Al Million Services Trading and Contracting Company officials at the agreement signing ceremony |
The financing will be implemented according to the Islamic finance methods of Murabaha, Wikala, and Istisnaa. QIB is the largest Islamic bank in Qatar and one of the top-five Shariah-compliant banks in the world.
Al Million is one of the three new private taxi franchisees of Mowasalat, Qatar’s government transport solutions company.
The agreement was signed in the presence of QIB’s Abbas Abdul Majeed (head of Contracting and Real Estate Sector- Wholesale Banking), Ahmed Hassan Shams (senior relationship manager), Al Million’s managing partner Abdulla Saad Y I al-Mahmoud, general manager Manzoor Ali, assistant general manager S Lakshminarayanan and finance manager Reji.
QIB’s acting CEO Ahmad Meshari described the financing agreement with Al Million as part of the bank’s strategy to support national companies and provide them with appropriate funding for growth.
Al Million’s managing director Abdul Kader Mydeen said the agreement with QIB will contribute to the purchase and operation of the taxis required by the company in order to meet the goals of Mowasalat.
Al Million will start their operations tentatively by first quarter of 2012 as per the terms of a five-year contract.
