Qatar Islamic Bank (المصرف Q.P.S.C) was established in 1982 as the first Islamic financial institution in Qatar. Its products and operations are supervised by a Shari’a board, which ensures the Bank adheres to Islamic banking and finance principles. It is the country's largest Shari’a-compliant lender. In 1982, QIB was established with a paid-up capital of QR 25mn. It opened its first branch for customers in July 1983. In 1989, Al Jazeera finance was established, 30% owned by QIB. By 1996, QIB’s paid-up capital increased to QR 200mn and in 1998 it was listed on the Qatar Stock Exchange.