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Select a year to view the news articles: 2004 | 2003 | 2002 | 2001 | 2000
TII announces three-fold increase in capital and change in shareholding structure
Leading new regional Islamic financial services group is created
McKinsey and TII sign strategic advisory agreement
The International Investor in talks with 'interested' financial institutions
The International Investor leads the rankings in recent survey of the GCC banking sector
Ground-breaking US$ 300-plus million assets-merger agreement is signed
Q-Tel enters e-commerce with QR7.5mn joint venture
TII announces three-fold increase in capital and change in shareholding structure
The International Investor (TII) announced today, 11 December 2001, that as a result of the recent successful share offering, TII's capital had been increased from KD 17.68 million (US$ 58 million) to KD 50.68 million (US$ 165 million), and that there had been a significant change in the shareholding structure of the Company.
This announcement follows a recent meeting of the TII Board of Directors, at which the subscription applications were reviewed, and the final share allocation was approved. Total TII shares now number just under 507 million, with some 39 per cent which will be held by Sheikh Saleh Kamel and Dallah Albaraka Holding Company EC. Existing TII shareholders account for 35 per cent, with new shareholders holding the remaining 26 per cent. New investors include Kuwaiti, Saudi, and Bahraini individuals and institutions, about which further details will be announced later.
TII also announced that the composition of the new Board of Directors would be determined by a General Assembly of shareholders, to be held shortly.The increase in TII's capital will be used to partially finance the assets-merger deal with Dallah Albaraka Group (DBG), by which DBG's assets in nine banking subsidiaries are being merged with TII.
This groundbreaking US$ 300-plus million deal creates one of the world's largest Islamic financial services groups, with total assets in excess of US$ 3 billion. The new entity, which will initially be known as Albaraka & The International Investor, will be the first Islamic financial institution to offer the full range of retail, commercial, corporate and investment banking services, through a network spanning 12 countries, across the Middle East and Africa.
TII is now working closely with McKinsey & Company - the world's leading strategy and professional services consultancy - on post-merger activities. A dedicated joint task force has been formed to spearhead the integration and value creation project. This will focus initially on revenue performance, cost reduction, market competitiveness, complementary skills and capabilities, product diversity, and geographic focus.The project will also include corporate strategy, corporate governance, financial control, organisational structure, IT and operations, and corporate communications.
Leading new regional Islamic financial services group is created
The International Investor today announced that its recent share offering was oversubscribed; that the assets-merger deal with Dallah Albaraka Group has been concluded; and that the new group will be known as Albaraka & The International Investor.
TII confirmed that its recent share offering of 330 million ordinary shares has been oversubscribed. The resulting increase in TII's share capital will be used to partially finance the assets-merger deal with Dallah Albaraka Group (DBG).
TII also announced that, following the successful outcome of negotiations with Dallah Albaraka Group (DBG), the final contract of the deal to combine DBG's assets in nine banking subsidiaries with TII, has been signed and sealed.
This groundbreaking US$ 300-plus million deal creates one of the world's largest Islamic financial groups, with total assets in excess of US$ 3 billion. The new group will be the first Islamic financial institution to offer the full range of retail, commercial, corporate and investment banking services through a network spanning the Middle East and Africa.
The new group will be known as Albaraka & The International Investor, reflecting the union of the two leading brands in Islamic finance. The name also highlights the unique combination of retail and wholesale banking services provided by this leading new regional Islamic financial services group.
Mr Adnan Al Bahar, chairman and managing director of TII, said:
"We were very pleased with the level of response to the private placement, which illustrates strong investor endorsement of our vision and strategy for the new group. We are equally pleased with the speed with which negotiations have been completed. To finalise a deal of this size and complexity in less than five months would not have been possible without the hard work and dedication from all members of the Dallah Albaraka and TII project teams.
It also underlines the commitment of Sheikh Saleh Kamel, Mr Abdallah Saleh Kamel, and myself to work together to achieve our dream of creating the first pan-regional and full-service Islamic financial services network. Our new name reflects the joint achievement of our dream, and our unique combined banking offering. This is a major milestone, for the clients, shareholders, business partners and staff of both companies, and for Islamic finance as a whole."
Further details of the placement and final deal structure will be announced later by TII, following initial approval by the Board of Directors. Certain aspects of the deal are subject to final approval by shareholders as well as by the relevant regulatory authorities.
The new branding for Albaraka & The International Investor will be unveiled at the World Islamic Banking Conference (WIBC 2001) in Bahrain on Saturday 10 November. Sheikh Saleh Kamel, chairman elect, and Adnan Al Bahar, vice chairman and chief executive elect, will both be speaking at this major annual conference.
Albaraka & The International Investor is the main sponsor of WIBC 2001, having committed its support both as Diamond Strategic Partner and Host of the televised Power Table debate.
McKinsey and TII sign strategic advisory agreement.
Dedicated project task force will spearhead post-merger integration strategy, focused on maximising business potential and shareholder value.
The International Investor (TII) has announced the signing of a strategic advisory agreement with McKinsey & Company Inc., (McKinsey) the world's leading strategy and professional services consultancy. A joint McKinsey-TII project task force will focus on maximizing the business potential and shareholder value of the new Islamic financial services group to be formed as a result of the retail and investment banking assets-merger deal between Dallah Albaraka Group (DBG) and TII.
Mr Kito de Boer, managing director of McKinsey Middle East, said:
"First, let me congratulate Sheikh Saleh Kamel, chairman of DBG, and Mr Adnan Al Bahar, chairman and managing director of TII, for realising their vision to create the first pan-regional Islamic financial services group in the Middle East. McKinsey is honoured to have the privilege of working with this ground-breaking institution to shape the future of Islamic finance."
Mr Adnan Al Bahar, chairman and managing director of TII, said:
"We are equally honoured to have the privilege of working with McKinsey - world leaders in strategic consultancy - and look forward to a long and rewarding partnership. This agreement underlines the commitment of Sheikh Saleh and myself to turn our dream into reality. We view it as the critical first step in our challenging journey to create the leading global Islamic financial services group."
A dedicated task force is now being formed to spearhead the integration and value creation project. This includes a pan-cultural and multi-disciplinary team of McKinsey consultants drawn from around the world, and a cross-functional team of specialists from TII business divisions and Albaraka banking subsidiaries. The task force will focus initially on defining a value creation plan. This will embrace areas such as revenue performance, cost reduction, market competitiveness, complementary skills and capabilities, product diversity, and geographic focus. The project will also cover corporate strategy, corporate governance, financial control, organisational structure, IT and operations, and corporate communications.
Commenting on this assignment, Mr Kito de Boer said:
"Islamic banking is one of the fastest growing sectors in financial services in the region. While demand for Islamic banking services is strong, the supply side is still weak and fragmented. Due to the fragmentation and small scale of most operators, service levels and product offerings fall short of consumer expectations. So there is a clear opportunity for institutions that can provide effective, reliable and high quality services in the sector. We are therefore excited at the opportunity to be part of this pioneering initiative to shape the future of Islamic banking."
"McKinsey is the ideal advisory partner for this venture," confirmed Adnan Al Bahar. "They have unrivalled experience in mergers and acquisitions, financial services, and emerging markets. In particular, they specialise in helping clients shape their performance within the context of today's new economy. A hallmark of the new economy is the premium value it places on intangible assets such as talented people, knowledge, relationships, brands and reputation. Maximising the value of these assets will be critical for the sustainable growth and continued success of the new Group."
TII confirmed that pre-project planning has already started, in readiness for the closing of the deal between Dallah Albaraka Group and TII, which is in the final stages of negotiation.
The International Investor confirms preliminary discussions with Investment Al-Dar regarding areas of mutual interest .
The International Investor today (24 October 2001) issued the following statement in response to enquiries from the Kuwait Stock Exchange and the media:
The International Investor confirms that Adnan Al Bahar, TII chairman and managing director, has held informal talks with Adnan Musallam, vice chairman and managing director of Investment Al-Dar, a leading Kuwaiti Islamic consumer finance house. During these talks they discussed areas of mutual interest and exchanged views on future trends in the regional banking and financial services industry.
Adnan Al Bahar, TII chairman and managing director, said:
"First, let me thank Adnan Musallam for his blessing and very positive endorsement of TII's asset-merger deal with Dallah Albaraka Group. Adnan is a close and dear friend, and I value his opinions. We share a similar view about the need for consolidation within the regional banking industry.
"Secondly, I can confirm that we touched on the possibility of a merger between TII and Investment Al-Dar during our talks, and we have agreed to follow up our discussions at a later date.
"Thirdly, I would like to state that TII has not issued any formal proposal or offer to Investment Al-Dar."
The International Investor in talks with 'interested' financial institutions .
The International Investor (TII) has confirmed reports that it is holding talks with a number of parties interested in joining the new Islamic financial services group that is to be formed by Dallah Albaraka Group and TII.
"We are not in a position to reveal the names of the interested parties," said a TII spokesman, "but we can confirm that they include a number of prominent regional Islamic financial institutions.
"Discussions to date have been very encouraging and positive, and cover a range of options, including acquisitions, mergers and strategic alliances. While TII cannot confirm a precise date for the outcome of these talks, we expect that it will be sooner rather than later," added the spokesman.
The talks follow the invitation made by TII chairman and managing director, Adnan Al Bahar, at the deal signing ceremony in Bahrain last month with Dallah Albaraka Group:
"This deal, the first of its kind, shows how two successful organisations can come together to create a better, third entity. The new merged group will lead the way, setting the example for others to follow, joining together to form stronger, more competitive institutions. We hereby extend a warm invitation to all those who would like to join us, and be part of the first full-service, pan-regional Islamic financial services group".
TII is currently seeking to increase its capital to over KD 50 million through a private offering of 330 million ordinary shares at a price of KD 0.255 per share. The increase in capital will be used to finance the deal, which involves merging the assets of 9 Dallah Albaraka Group banks with TII.
This merging of assets will form one of the world's top 3 Islamic financial institutions, with over US$ 3 billion in assets, and an equity base exceeding US$ 350 million. The new merged group will be the first to offer a complete range of Islamic personal, commercial and investment banking services, and the first to provide coverage across the Middle East and Africa.
TII shareholders give the green light to assets-merger deal between The International Investor and Dallah Albaraka Group .
At an Ordinary and an Extraordinary General Assembly today, Tuesday 10 July 2001, shareholders of The International Investor ("TII") voted their approval for the proposed assets-merger deal between TII and Dallah Albaraka Group.
Shareholders approved changes to TII's Articles of Association that would enable TII's capital to be increased from KD 17.68 million to KD 50.68 million, and TII's Board of Directors to be increased from 7 to 9 members.
Adnan Al Bahar, TII chairman and managing director said:
"We welcome the decision of our shareholders to give the green light to our assets-merger deal with 9 Dallah Albaraka Group banks. This means that we can now go ahead and raise the extra capital necessary to conclude this groundbreaking deal.
Interest to date by investors has been very encouraging, and this is reflected by TII's share price, which has been traded between KD 0.250 and KD 0.255 during the past week. Our shareholders today have signaled that they share our vision for the future growth and development of TII. By joining forces with Dallah Albaraka, we will create a new entity that will help to shape the future of Islamic finance.
The new entity, which will be one of the world's top three Islamic financial institutions, will offer unrivalled diversity of Islamic banking and investment products, as well as unique coverage across the Middle East and Africa. Shareholders, together with clients, business partners and staff, will benefit from the advantages and security of being part of a global Islamic financial powerhouse.
Subject to final regulatory approval, we confidently expect to conclude this deal during the third quarter of this year," said Mr Al Bahar.
The International Investor leads the rankings in recent survey of the GCC banking sector .
Results of the latest MEED survey of the GCC banking sector confirm the status of The International Investor (TII) as one of the leading financial institutions in the region.
The survey, conducted annually by MEED magazine, spans all categories of GCC financial institutions, including regional wholesale banks, domestically-focused conventional retail operations, investment boutiques and Islamic institutions. Their performance is ranked against a number of criteria, including size, return on assets (ROA), return on equity (ROE), net profit/total income and shareholders' equity/assets.
Based on the full-year 2000 results of the GCC banking institutions surveyed, TII achieved the following rankings:
The MEED survey is widely recognised as a prime indicator of GCC banking sector performance. The survey for 2000 covered more institutions than ever before, reflecting a gradual improvement in the levels of transparency in the region, according to MEED.
Other key trends highlighted by the MEED survey include:
Commenting on the survey, Adnan Al Bahar, TII chairman and managing director said:
"The results of the MEED survey are particularly significant for TII, for a number of reasons. Firstly, TII's continued high rankings underline our ability to consistently return a superior financial performance, especially in cyclical downturns such as 2000, which affected the global investment sector as a whole.
"Second, the survey not only confirms TII's status as a leading regional financial institution, but also illustrates our distinctive ability to anticipate market trends. An example of this is TII's strategy of focused geographic expansion in the MENA region.
"Third, it endorses our recent agreement with Dallah Albaraka to establish a new, larger institution with a regional focus, with a unique combination of personal, commercial and investment banking products and services. Our involvement in both the capital and financial markets through a pan-regional network of offices, will enable us to face the challenges and grasp the opportunities afforded by the next stage of regional economic development, more quickly, more efficiently, and more comprehensively than any other financial institution.
"Finally, we will lead the development of a stronger, more unified Islamic market, introducing new and innovative products and services, and bringing Islamic finance closer to the global financial benchmark."
Ground-breaking US$ 300-plus million assets-merger agreement is signed .
Dallah Albaraka Group (DBG) and The International Investor (TII) have heralded the beginning of an exciting new era in global Islamic finance with the official signing of a ground-breaking US$ 300 million assets-merger deal.
The transaction, which was formally sealed at a signing ceremony in Bahrain on Monday 18 June, creates a pan-regional financial powerhouse combining the strength of DBG's commercial and retail network with the investment banking expertise of TII.
The new entity will become the world's largest Islamic financial services group in terms of geographical coverage, and the first to provide clients with a full range of investment banking and commercial/retail banking products and services across eleven markets.
Full details of the transaction were revealed at a press conference jointly hosted by Sheikh Saleh A Kamel, Chairman of Dallah Albaraka Group and Adnan Al Bahar, the Chairman and Managing Director of TII.
Addressing his audience, Sheikh Saleh A Kamel said the signing of the Memorandum of Understanding (MoU) between DBG and TII marked a major milestone not only for the clients, shareholders, business partners and employees of both companies, but for Islamic finance as a whole.
He said: "The commitment pledged both by Adnan Al Bahar and myself is to work together to achieve our dream of becoming the first pan-regional and full-service Islamic financial services network.
"Our commitment is to quality and to innovation. This deal will ensure we can offer our clients the most diverse range of products in the market, and introduce new ones not currently available. I am confident this agreement will spearhead the continued growth and development of the Islamic market, both regionally and globally".
An assets-merger deal in excess of US$300 million.
Under the terms of the assets-merger deal, DBG's assets in 9 banking subsidiaries will be combined with TII. TII intends to increase its share of capital from KD 17.68 million to approximately KD 50 million through the issue of around 330 million shares with a nominal value of KD 0.100 per share and an issue premium of KD 0.155 per share. The shares will be offered to both existing shareholders and new strategic investors. The assets of the new group will be in excess of US$ 3 billion, with total equity of around US$ 350 million.
Meeting the needs of a new regional economy.
Adnan Al Bahar said the new group was uniquely placed to face the challenges, and embrace the opportunities, afforded by the development of the regional economy.
He said: "An open regional market has never been closer to becoming a reality than it is today and it will require a new, different, pan-regional financial infrastructure to support and enable new economic growth and diversification.
"The new group is ideally placed to play a major part. We will seek to strengthen and build our presence in the GCC by establishing a physical presence in those markets where we are not currently involved. But we will also develop a leading regional Internet banking service and will assist our clients grow their own business by providing them with access to e-commerce and B2B solutions.
"By drawing upon our complementary strengths, skills and experience, this agreement will deliver enormous benefits. By centralising resources such as technology and communications we will enhance the efficiency of front and back office operations. This will enable us to provide clients with higher levels of service and customer care, and to offer them a wider range of products and services at more competitive rates.
"We hope that this deal, the first of its kind, will show how two successful organisations can come together to create a new, better third entity. We hereby extend a warm invitation to all others to join us, to face the challenges and grasp the opportunities; to share the risks and the rewards."
The assets-merger agreement between DBG and TII, which is expected to be finalised during the third quarter of this year, is subject to approval by the shareholders of both companies, as well as by the relevant regulatory authorities.
The assets-merger deal will combine TII with DBG's assets in the following banking subsidiaries:
The new merged company will be headquartered in Kuwait and will continue to be listed on the Kuwait and Bahrain Stock Exchanges.
Dallah Albaraka Group and The International Investor in Pioneering Deal to form Leading New Global Islamic Financial Services Group .
Ground-breaking US$ 300-plus million deal will create pan-regional financial powerhouse combining the strength of DBG's Islamic commercial and retail banking network with the investment banking expertise of TII.
Dallah Albaraka Group ('DBG') and The International Investor ('TII') announced today, Saturday 9 June 2001, that they had reached a memorandum of understanding to combine DBG's assets in a number of banking subsidiaries with TII. The deal will create the first Islamic financial services group to offer a full range of investment, commercial and retail banking services to clients across the Middle East and Africa. The new entity will become the world's largest Islamic financial services group in terms of geographical coverage, meeting client requirements across eleven markets. TII intends to increase its capital through a new share issue at KD 0.255 a share and will use the proceeds to conclude the deal. DBG will become a major shareholder in the new entity. Further details of the deal will be unveiled by Sheikh Saleh A Kamel, chairman of Dallah Albaraka Group and Adnan Al Bahar, chairman and managing director of TII, at a signing ceremony and press conference to be held in the near future.
Sheikh Saleh A Kamel said of the deal: "This deal represents a huge opportunity for DBG and TII as the new entity will be the first Islamic financial services group ready to meet the new regional economic challenges. We will be in a unique position to meet all our customers' requirements for full service banking on a truly pan-regional basis. "We see exceptional prospects for sustainable growth and profitability, underpinned by a uniquely diversified revenue stream."
Adnan Al Bahar said of the deal: "The new entity will build on the expertise and complementary capabilities of both parties, while offering shareholders, clients, business partners and staff the advantages and security of being part of a new global Islamic powerhouse. "No other entity can offer the breadth and quality of products and services across such a wide geographical base. The new financial services group will lead the way in driving the growth of the global Islamic financial market."
The deal is subject to approval by the shareholders of both companies, as well as by the relevant regulatory authorities. This announcement follows a request by TII to the Kuwait and Bahrain Stock Exchanges to resume trading of TII shares forthwith.
Trading of TII shares on Kuwait and Bahrain Stock Exchanges is suspended pending outcome of major merger negotiations .
Trading of The International Investor (TII) shares has been suspended on the Kuwait and Bahrain Stock Exchanges as from 30 May 2001, pending resolution of negotiations for a proposed merger of TII with a major banking group.
A TII spokesman confirmed that it had requested the Kuwait Stock Exchange and the Bahrain Stock Exchange to suspend trading of TII shares on these markets, due to negotiations it was conducting concerning a proposed merger of TII with a major banking group.
A TII spokesman stated that no further details could be disclosed at this stage, except to confirm that negotiations 'for this major merger' were at an advanced stage.
An official statement will be released by TII, as soon as a conclusion to these negotiations is reached.
Full-year 2000 results for The International Investor highlight significant financial, operational and strategic achievements .
The International Investor (TII) has announced the Company's audited results for the year ended 31 December 2000.
Addressing shareholders at the Company's Annual General Meeting in Kuwait on 7 May, Adnan Al Bahar, Chairman and Managing Director said:
"I am pleased to report that 2000 was a most encouraging year for TII. Financially, our performance compares very favourably with the investment banking sector as a whole, while strategically, we substantially increased our investment in the development of TII's regional infrastructure.
"This is a significant achievement given the slowdown of most MENA economies and the cyclical low experienced by the region's capital markets during the year."
TII recorded a net profit of KD 3.82 million (US$ 12.51 million) for 2000, compared with KD 5.13 million (US$ 16.87 million) for the previous year, while earnings per share were 23 fils (29 fils in 1999).
During the year, TII purchased 15.9 million treasury shares, representing 8.99 per cent of total issued shares, at a cost of KD 4.03 million (US$ 13.19 million). As a result, total shareholder equity decreased to KD 21.19 million (US$ 69.38 million) from KD 24.28 million (US$ 79.63 million) in 1999.
The Directors have recommended the payment of a cash dividend of 18 per cent (20 per cent in 1999).
"Establishing a permanent presence in all major regional markets is a key strategic objective for TII and during 2000, this policy of focused geographic expansion produced positive results," explained Adnan Al Bahar. "Operationally, we continued to expand the scope of our operations across all three business fronts"
TII's structured finance (investment banking) business achieved a greater regional transaction mix, with the majority of revenue coming from outside the Kuwait market for the first time.
"We consolidated our presence in key sectors such as TMT (telecommunications, media and technology) and petrochemicals, while also making a strong entry into the fast-growing e-related business sector. In addition, we supported the introduction of Islamic insurance (takaful) to the Kuwait market," said Al Bahar.
TII's advisory and distribution services also expanded during 2000, with a record number of new advisory and wholesale distribution agreements being signed with leading asset managers and financial institutions.
"In just a few years, by successfully anticipating the need for conventional institutions to outsource such specialist Islamic expertise, TII has established a position as the leading international provider of Islamic financial advisory services," Al Bahar noted.
Another positive achievement was the endorsement of TII's Al Deema Islamic Banking Services by a number of leading conventional commercial banks in the GCC. Al Deema's range of Islamic investment services was widened during the year to include a comprehensive package of innovative Islamic retail banking products for consumers throughout the region. TII expects to sign agreements with leading commercial banks in Bahrain, Qatar, UAE and Saudi Arabia during 2001.
TII's business portfolio now comprises three major areas of activity - Structured Finance, Advisory and Distribution Services, and Al Deema Islamic banking Services - on which the Company will concentrate its attention in the immediate future. This focus aims to enhance TII's position as a differentiated specialist operator, committed to delivering a unique range of innovative Islamic financial and investment solutions.
"Such a focus will help TII to weather the effects of short-term market fluctuations and to minimize their effect on our long-term strategy. This will enable TII to take advantage of the business opportunities offered by the growing deregularisation and liberalisation of regional economies, and the new role of the private sector," explained Al Bahar.
To support the expansion of TII's operations, the Company continued to invest in enhancing its human and technical resources, and in streamlining processes and procedures. New partners joined the Sharia, Legal and Compliance teams that form TII's Supervisory Group; new IT and communications systems were installed; and a new Operations Centre was formed to co-ordinate all back office activities.
"We are confident that these developments, together with our business achievements during 2000, will further strengthen TII's position as a leading investment bank in the MENA region," concluded Al Bahar.
Q-Tel enters e-commerce with QR7.5mn joint venture .
DOHA : Q-Tel has made a foray into e-commerce by forming a partnership company yesterday. Joining hands with Qatar Telecom in the venture and Commerce One Middle East and The International Investor (TII), Qatar.
The Company, C1QT Limited, was formally launched yesterday with a start-up capital of QR 7.5mn. It will facilitate e-commerce in Iran as well as besides becoming an Internet Service provider in the Islamic republic.
Announcing the launch at a press conference, Q-Tel general manager, Hamad bin Abdullah Al-Attiyah and Commerce One chief executive, David Brown, said the C1QT Limited would facilitate Qatar's first e-marketplace (online exchange), covering all stages of a business transaction between purchasers and suppliers.
This includes order-to-payment, catalogue management and consultation, order approval processing, delivery and invoicing as well as online auctions and tender offices.
The e-marketplace will introduce to Qatari business and industrial community, e-procurement which has proven to be cheaper and faster.
The new company will be independent of Q-Tel, though the company holds a 27 % stake in C1QT Limited. In the second phase the company will have a minimum base capital of $ 20 mn.
The C1QT marketplace will be connected to the Commerce One global trading web, which has some 400 exchanges and the world's largest business-to-business online trading community.
"The Business-to-Business online exchanges bring new life to a time consuming, high cost and inefficient supply chain process in traditional trade", he said.
Brown said Commerce One MarketSet enables one to build and manage an e-marketplace that consistently delivers value to one's trading partners. "One can help one's users reduce supply chain cycle times by up to 90%.
He said the streamlining can cut supply management costs by up to half and reduce inventories, a major supplier headache, by more than 60%. The restructured supply chain also improves collaboration between buyers and suppliers and enables all users to be more responsive.
Another feature of the e-marketplace is the elimination of middlemen. "As a buyer you are totally free to negotiate with your supplier for indirect goods. And you have the convenience of making payment through electronic transfer of money", the commerce one chief executive said.
The MarketSet platform is the most robust e-commerce platform available, he said. It handles all connectivity between buyers, sellers, and the individual e-marketplace including document message routing and transaction processing.
The platform directory and server technologies are built upon advanced XML so they're completely open and can scale as one's market grows. All e-marketplace communications and transactions are protected with top-quality security technology, which ensures only authorised and authenticated users can access documents and services.
Only registered users will have access to the e-commerce software being provided by the C1QT in two months. "One will have to pay for transactions", said Dr Nasser M. Marafih, Q-Tel divisional manager (Strategic Planning & Development).
Brown said e-commerce was revolutionising the way the world does business. E-commerce which was worth $ 270bn in 2000, is expected t touch $ 7.3tn in 2004.
TII Qatar's Faisal Al Sulaiti said as a leading investor, Q-Tel brings considerable expertise and confidence to the market. Headquartered in Kuwait, TII is the world's leading wholesale Islamic Bank.
Brown said Limited is the second of the eight new regional e-marketplaces C1ME Ltd intends to invest in.
