Qatar Islamic Bank, established in 1982, is the largest Islamic bank in Qatar, with a 50% share of the country's shariah-compliant banking assets. The bank has 27 branches and more than 100 ATMs. Its earnings rose 7% in the first quarter of 2011 from the same period a year earlier, and its assets increased by 25.6%. Qatar Islamic Bank is a joint venture partner in Doha Festival City, a $1.65 billion entertainment, retail and commercial project that broke ground in April 2011. The bank's largest shareholder is the Qatar Investment Authority.