Author: qfbadmin

QFB hosted its annual Iftar for QFB employees and their families at Al Gassar Resort.

Qatar First Bank (QFB), Qatar’s first independent Shari’ah compliant bank regulated by the QFC Regulatory Authority, hosted  its annual Iftar for QFB employees and their families at Al Gassar Resort.

Employees, with their families, attended the event, including QFB Acting CEO Ahmad Meshari and head of departments. It was an auspicious opportunity to gather and share the spirit of Ramadan.

As part of reviving the tradition of Ramadan and to add more joy and fun to the event, Garangaou was made as the over-all theme.  All attendees received Garangao gifts and the kids enjoyed the games. A raffle draw of valuable gifts for all staff members was also held.

In his brief message, Ahmad Meshari indicated that the Ramadan gathering has become an annual tradition that testifies to the ideals of communication and collaboration among all QFB employees. He emphasized that the bank is at the threshold of a new era which adds to the bank’s achievements since it was established.  Meshari acknowledged that these achievements are the result of the continuous improved performance and efforts of both management and staff.

In conclusion, Meshari highlighted the significance of continued bank growth along with the goal of providing an improved and advanced banking environment for QFB clients, as well as, an appropriate work environment for all employees.

QFB hosted an Iftar for the residents of the Qatar Foundation for Elderly People Care (Ihsan) and their caregivers in Doha.

For the fourth year in a row, Qatar First Bank (QFB), Qatar’s first independent Shari’ah compliant bank regulated by the QFC Regulatory Authority, hosted an Iftar for the residents of the Qatar Foundation for Elderly People Care (Ihsan) and their caregivers in Doha.

As part of its annual ‘Ramadan Blessing” campaign during the Holy Month of Ramadan, Qatar First Bank organized an Iftar as one of a series of initiatives designed to spread joy throughout the community and to encourage people to devote time to share with others during the Holy Month of Ramadan.

After breaking their fast together, QFB delegations presented gifts to the elderly people at the Foundation. In return, Ihsan has presented a plaque to QFB in recognition of its support to Ihsan activities

Mohammed AlSahli, Head of Communications at QFB, said: “On the occasion of Ramadan, QFB has organized this Iftar for the residents of “Ihsan” in line with its corporate social responsibility which emphasizes that iftar events are a key part of QFB Ramadan 2014 campaign.  Community-based organisations, like Ihsan, make an enormous impact on the lives of the people they work with, and strengthen the community by offering support to the elderly people and senior citizens who contributed to the development and well-being of our community. Now, it is our duty to support and honour them. We are privileged for hosting this Iftar.”

Mr. Khalid Abdulla Hussein, Director of Public Relations & Media at Ihsan, stressed that Ihsan is always keen and interested to host such events that spread joy among Ihsan residents, especially in Ramadan, which is the month of solidarity and gatherings. He also highlighted that Ihsan has a strong record in hosting such events annually in co-operation with several organisations in Qatar and QFB is one of the leading banks in supporting Ihsan and its activities.

Qatar Foundation for Elderly People Care (Ihsan) was founded in January 2003 under the generous auspices of Her Highness Sheikha Mozah bint Nasser. Ihsan is dedicated to improving the lives of seniors and helping them overcome social, health, economic and rehabilitative difficulties.

The Foundation also advocates and promotes seniors’ rights in Qatar and provides awareness on issues facing them, as well as guidance to their families.

QFB announced the sales launch of its luxury townhouses and apartments in its real estate development in Leinster Square, Central London W2.

Qatar First Bank (QFB), Qatar’s first independent Shari’ah compliant bank authorized by the QFC regulatory authority, announced the sales launch of its luxury townhouses and apartments in its real estate development in Leinster Square, Central London W2.

The launch event was held at QFB’s offices in Doha and attended by a select group of investors and clients of QFB who were offered the exclusive opportunity to buy townhouses and apartments in this prestigious development.  Leinster Square is located in London’s Bayswater area, just minutes away from Hyde Park.

The launch of sales of Leinster Square builds on the success of QFB’s first real estate project in the same area of Bayswater which was launched in March this year and consists of 20 luxury apartments including a duplex penthouse and underground car parking in Westbourne Grove, Central London W2.

Abdullah Al Marri, QFB’s Chairman, said: “We are delighted to be able to offer our second project to our clients and investors.  The project is being marketed in Qatar first on a priority basis before it is marketed anywhere else. The homes on offer are well-suited to Qatari and Gulf clients looking for a family home in London, or for investment.  The location is excellent and we expect them to sell fast. QFB is planning further developments in Central London and our strategy is to always keep the requirements of the Qatari and Gulf families in mind”

The project is being managed by Alchemi Group, a London-based residential property developer. The development consists of six three-bedroom apartments and five townhouses.  The homes will be fitted out to the highest standard of luxury throughout, and all units (including townhouses) will be serviced by a 24-hour concierge service. All homes will have south-facing views over the private garden square and will have access to the garden via a private gate directly opposite the development.  The completion date is expected in mid-2015.

Jonathan Whittle, Head of Sales for Alchemi, said: “This is an exceptional opportunity to acquire a home in this prestigious project, with the price locked-in today. There is a severe shortage of quality housing in London, particularly in Notting Hill, and we expect strong demand for these units.”

QFB reported strong financial results and continued growth in 2013, as net income rose by 24 per cent

Qatar First Bank (QFB), Qatar’s first independent Shari’ah compliant bank regulated by the QFC Regulatory Authority, reported strong financial results and continued growth in 2013, as net income rose by 24 per cent from QAR 113.2 million (US$ 31.1 million) in 2012 to QAR 140.5 million (US$ 38.6 million) in 2013.  For the fourth consecutive year, the Annual General Meeting (AGM) ratified the distribution of a cash dividend. This year the AGM approved the distribution of 8% of paid up share capital to QFB shareholders.

QFB, in its fifth full year of operation, invested a total of QAR 244 million (US$ 6 7 million) in 2013.

The Bank’s audited financial results for 2013 were approved at its AGM held on the 24th  of March 2014 at the la Cigal Hotel. Presenting an overview of QFB’s activities and financial statements for the year ended 31 December 2013, Abdulla Bin Fahad Bin Ghorab Al Marri, QFB’s Chairman, commented: “The economic backdrop in 2013 continued to be challenging, as developed economies struggled to solve their economic constraints and emerging markets experienced its own set of challenges.  In the MENA region political instability continued to hamper growth and weaken confidence.  On the other hand the GCC continued to experience strong growth on the back of increasing oil prices and large infrastructure spending, Qatar in particular has witnessed great economic ascendency, boosted by well-planned diversification of economic resources, development of diverse energy portfolio and support of the financial sector.  During the year, QFB continued to surge ahead with key developments across all business lines. QFB’s year-on-year growth over the past five years is a clear testament to our prudent strategy that has propelled the Bank towards becoming a regional Shari’ah compliant financial institution. Our long term prospects remain solid, driven by strong fundamentals, and we are committed to continuing to provide our investors and clients with well-structured products and a world class service from an independent, experienced Islamic bank.”

Ahmad Meshari, QFB Acting Chief Executive Officer, commented: “Despite the challenging global economic backdrop, we are pleased to end our fifth year of operation on a high note.  During 2013, we focused our efforts on developing our commercial banking activities building on our successful model in investment banking.  Our investment line of business continued to perform well in line with our expectations as our portfolio companies posted positive results. Although the global economic outlook remains challenging for 2014, we will continue to build on our solid track record, capturing market growth, introducing innovative products, delivering sound returns to our shareholders and further position the Bank as a market-leading and results-driven financial institution.”

The Shari’ah Supervisory Board Report and the Auditor’s Report for the year ended 31st December 2013 were also presented to the AGM.  The meeting also re-elected the Bank’s auditors for another period of twelve months.

The AGM was followed by an Extraordinary General Meeting (EGM) which addressed certain amendments to the Articles of Association.  In particular, the Bank took steps to enhance its liquidity position and shareholder base by increasing its authorised capital by 25% to QAR2.5 billion. The funds are aimed at facilitating further growth in the Bank’s asset base and as well as positioning the Bank for the full operations of its commercial banking business. The Bank also announced that its capital of QAR2 billion was fully subscribed in the financial year 2013.

In line with the capital increase the Bank made clarifications to its local and foreign ownership limits in its Articles which would benefit any future placements of new shares. These steps further strengthen the Bank’s commitment and preparedness for its participation in the Qatar Exchange by attracting a wider spectrum of local and foreign shareholders in line with the upgrade of the Qatar Exchange to ‘emerging market’ status.

Since its inception in March 2009, QFB has invested QAR 2.1 billion (US$ 579 million) in 18 transactions across various sectors including energy, financial services, industrials, real estate and healthcare across the GCC, MENA, Turkey and in the United Kingdom.