Author: qfbadmin

QFB’s Ramadan Blessings Campaign draws to a close

The campaign included a series of community-related activities during the holy month

Qatar First Bank (QFB) announced the concluding of its annual Ramadan Blessings Campaign, during which the Bank hosted a series of activities for various organizations with the aim of promoting solidarity and brotherhood with different segments of the society through the Holy Month.

The Ramadan Blessings Campaign started with hosting a Sohour and a Garangaou Celebration for staff and families. QFB employees and their families engaged in various activities in celebration of the Garangaou.

A special iftar also was held for the Qatar Foundation for Elderly People Care where QFB employees exchanged conversation with the elderly over iftar, then distributed gifts to them.

Mohammed Al Sahli, Head of Communications at QFB commented “As an Islamic institution we place great emphasis on the religion’s guiding principles. Every year, specifically during the Holy month, we dedicate time to give back to the community and reach out to those less fortunate in our society. We are pleased to have brought together the broader community through our annual Ramadan blessings campaign, which aims to reinforce solidarity and brotherhood amongst different segments of society’’

Khalid Hussein, the Director of Public Relations and Media, Qatar Foundation for Elderly People Care said, “Ramadan is the month of giving, caring and reaching out to the less fortunate members of society. By hosting a special iftar for the residents, QFB has helped the elderly to better integrate with other members of society. We thank QFB for helping to spread kindness and goodwill.”

QFB’s annual Ramadan Blessings Campaign also included the “Dardasha Ramadania’ a session delivered by Sh. Dr. Ali Al Quradaghi, the chairman of the QFB Sharia Supervisory Board, where the Bank’s employees had the opportunity to learn more about various topics related to religious practices during Ramadan, such as how to calculate zakat and the benefits of performing Qiyam prayers.

Apart from these community-engagement activities, QFB’s Ramadan Blessing’s Campaign included a daily informative communique entitled “Ramadanyat” which highlighted various topics related to the Holy Month and included a daily competition. In addition QFB placed an in-kind donation box in its premises, allowing all employees in the building to donate clothes, toys and household items which will be given to a Qatar based charity at the end of Ramadan.

Ziad Makkawi appointed as CEO of QFB

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) announced today the appointment of veteran financial services professional Ziad Makkawi as its Chief Executive Officer with immediate effect.

Ziad has a 27 year track record as an entrepreneur and business builder in the financial services arena where he assumed key leadership positions in banking, investment banking, asset management and private equity. Ziad will lead the expansion of QFB’s already successful Private Equity business, as well as build a Private Banking franchise focused on High and Ultra-High Net Worth individuals.

Ziad spent his early days with JP Morgan on Wall Street. He later joined Elf Aquitaine in Geneva before moving to the Middle East to co-found Lebanon Invest, and then Middle East Capital Group as Managing Director. After moving to Dubai in 2000, Ziad built and ran SHUAA Capital’s financial Services business including asset management, proprietary trading, capital markets, research and brokerage. In 2004 Ziad was appointed CEO of Dubai Bank, and in 2006 founded and ran as Chairman and CEO Algebra Capital a MENA focused Asset Management firm he later sold in 2010 to Global Asset Manager Franklin Templeton.

Prior to joining QFB, Ziad was the CEO of Istithmar World the PE investment arm of Dubai World, a multi-billion dollar global portfolio spanning five continents and many sectors. Ziad also served as a director on numerous boards of leading financial institutions, companies as well as a number of funds.

Abdulla bin Fahad bin Ghorab Al Marri, Chairman of QFB, commented, “QFB is rolling out its strategy of establishing itself as the premier Private Merchant Bank in Qatar, we will continue to build on our successes in the Private Equity area and will build up our Private banking and Investment capabilities to broaden the services we offer our clients and shareholders. We are excited about having Ziad on board to drive this strategy, Ziad brings a depth of experience to this key role and we are confident that someone of his calibre, experience and talent will lead the team and grow the Bank to new heights”.

Qatar First Bank reports continued growth in 2014, as net Income rises by 13 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 2014, as net income rose by 13 per cent from QAR 140.5 million (US$ 38.6 million) in 2013 to QAR 158.3 million (US$ 43.5 million) in 2014. The AGM approved the distribution of 8% of paid up share capital to QFB shareholders.

QFB, in its sixth full year of operation, invested a total of QAR 473 million (US$ 130 million) in 2014.

The Bank’s audited financial results for 2014 were approved at its AGM held on the 31st of March 2015 at the la Cigal Hotel. Presenting an overview of QFB’s activities and financial statements for the year ended 31 December 2014, Abdulla Bin Fahad Bin Ghorab Al Marri, QFB’s Chairman, commented:

“2014 has been another successful year for QFB. In the past year we have seen uneven recovery in the global economy, with overall growth lower than anticipated and oil prices witnessed the sharpest drop in four years.

However Qatar has enjoyed growth above the regional average, while financial stability remains a top priority, with the government pursuing policies of lower public borrowing, ensuring steady and sustainable growth.

We are pleased with the 2014 outcome, we look to the future with a great optimism and we believe QFB is well placed to take advantage of the growth opportunities in the region, and in Qatar itself.”

Ahmad Meshari, QFB Acting Chief Executive Officer, commented:

“Despite the challenges faced by the banking industry in our target markets, QFB delivered another strong performance in 2014. QFB produced healthy returns by securing the lucrative investment opportunities and building upon our existing investment portfolio. In 2014 we were able to roll out several strategic initiatives to streamline our business, and expand our Private Banking & Wealth proposition. We will continue to drive business forward, seize viable investment opportunities, offer our clients with niche products and services and maximize our shareholders’ returns.”

The Shari’ah Supervisory Board Report and the Auditor’s Report for the year ended 31st December 2014 were also presented to the AGM. The meeting also elected the Bank’s auditors for a period of twelve months.

Since its inception QFB has invested QAR 2.4 billion in 21 transactions across various sectors including energy, financial services, industrials, real estate and healthcare across the GCC, MENA, Turkey and in the United Kingdom.

Qatar First Bank Appoints new Chief Operating Officer

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorised by the QFC Regulatory Authority (QFCRA), announced the appointment of Nayeem Khan as Chief Operating Officer.

Nayeem brings with him a wealth of experience gained over nearly 25 years in the Financial Services Industry. His experience includes Consumer, Corporate and Private Banking, primarily in the areas of Operations and Technology across different geographies. As the Chief Operating Officer at QFB, Nayeem will be responsible for overseeing operational planning and streamlining IT and administrative functions.

Commenting on the new appointment, Ahmad Meshari, Acting CEO of QFB, “We are pleased to have Nayeem on board as our Chief Operating Officer. Nayeem brings a wealth of experience and a depth of knowledge, particularly in client service operations, which will be critically important to QFB as we seek to expand our private banking and wealth offerings.”

Before joining QFB Nayeem was employed at Bank Julius Baer where he played an instrumental role in building up the Asian (Singapore, Hong Kong) franchise of the Bank. He also had a key role in integrating Merrill Lynch’s private wealth business with Julius Baer in Asia. Prior to leaving Julius Baer, Nayeem was Head of International Operations, managing Operations at six of the Bank’s eight Booking Centers globally.

Nayeem spent his early years with Citi’s Cards Buisness and has since worked for GE Capital Services, DBS Bank and Standard Chartered Bank.

Nayeem holds a Master’s in Business Administration from the University of Hull, a Bachelors in Arts (Public Administration & Political Science) and Post Graduate Diploma qualifications in Software Development, Hardware Maintenance and Networking.

QFB sponsors 2015 IIF Spring Membership Meeting

Qatar First Bank, the first independent Shari’ah compliant bank authorised by the QFC Regulatory Authority (QFCRA), has announced its supporting sponsorship of the 2015 IIF Spring Membership Meeting, that will be held today and tomorrow in Doha at the Ritz-Carlton, under the theme ‘Global Energy at a Turning Point’.

Addressing issues central to the global finance industry and the current developments in the oil markets, the meeting will be held under the patronage of H.E. Abdullah bin Nasser bin Khalifa Al Thani, Prime Minister and Minister of Interior of the State of Qatar and the support of the Qatar Central Bank.

In addition to providing insights on the global economy’s prospects and risks, the meeting sessions will closely examine India, China, MENA markets and Islamic finance, as well as emerging and frontier markets and infrastructure. The discussions will be coupled with the IIF reviews of the latest developments in financial regulatory reform.

Ahmed Meshari, Acting CEO, QFB commented, “We are pleased to join leading financial institutions in Qatar to support this global meeting which is being held in Doha for the first time. The IIF Meetings actively encourage dialogue and help to build constructive discussions on the opportunities and challenges facing the financial sector globally and we are looking forward to take part in these discussions”

Established in 1982, the IIF is a Washington DC based global association of leading financial institutions that includes amongst its members commercial and investment banks and insurance companies. The institute currently has over 500 members headquartered in more than 70 countries.