Category: News

QFB announced that its portfolio company Al Rifai International Holding (Al Rifai) has signed an agreement to sell its Al Rifai Nutisal AB (Nutisal) operations in Sweden

Qatar First Bank (QFB), Qatar’s first independent Shari’ah compliant bank regulated by Qatar Financial Centre Regulatory Authority, announced that its portfolio company Al Rifai International Holding (Al Rifai), the leading Lebanese manufacturer and retailer of nuts, kernels and confectionary, has signed an agreement to sell its Al Rifai Nutisal AB (Nutisal) operations in Sweden to Cloetta, a leading confectionary company in the Nordic region, the Netherlands and Italy dating back to 1862.

Al Rifai International Holding which is 35% owned by QFB, agreed to sell the Nutisal operations for an upfront payment and a deferred payment, based on 2016 results. Alrifai Nutisal AB produces and sells dry roasted nuts under the brand Nutisal, primarily in the branded bags segment using unique knowledge and technology. It was established in 2007 in Sweden and has around 60 employees.  Nutisal has annual sales of about SEK 200m. Today, Sweden accounts for 50% of the sales, and the rest is sold in Denmark, Norway, Germany, UK and the Benelux countries.  Nutisal holds the number two position in the branded nuts market in Sweden and the number three position in the total nuts market. Nutisal products are distributed through its own sales force in Sweden and through distributors in the other markets.

“We are pleased with the exit of Nutisal and are confident that we have placed the business and the brand in safe hands.  We are positive that Cloetta will endorse the Nutisal brand and ensure its continued growth in Sweden and beyond, “commented Mohamed Rifai, CEO of Al Rifai International Holding Ltd.

Ahmad Meshari QFB Acting CEO commented, “We congratulate Al Rifai on this exit.  We are confident that Al Rifai will continue to diversify its product range and venture into new markets creating value to its shareholders”

QFB had acquired 15% of Al Rifai International in December 2011, and then due to the company’s strong performance and future growth prospects QFB increased its share to 35% in September 2012.  Since then QFB has been a key driver of Al Rifai’s growth, streamlining operations and increasing the company’s market share in the region. In 2013 Al Rifai with the support of QFB has embarked on major strategic initiatives which include improving its operational efficiency, expanding its geographical reach and strengthening its brand.

For the second consecutive year, َQFB has announced its associate sponsorship of the Euromoney Qatar Conference 2013

For the second consecutive year, Qatar First Bank, the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA), has announced its associate sponsorship of the Euromoney Qatar Conference 2013 , that will be held in Doha at the Ritz-Carlton on 10-11 December 2013, under the theme ‘Global Finance: Re-Engineered’.

Addressing the growing role of conventional and Islamic finance, capital and developing debt markets and the global economic outlook, the conference will be held under the patronage of H.E. Abdullah bin Nasser bin Khalifa Al-Thani, Prime Minister, State of Qatar and co-sponsored by the Qatar Central Bank.  Building on its last year’s success, the conference will showcase the successful development of Qatar’s regulatory framework and financial sector, which in return supports the broader economic goals of the country.

Ahmed Meshari, Acting CEO, QFB commented, “We are proud sponsors of the Euromoney Qatar Conference.  Such conferences provide the right platform for financial industry practitioners to exchange insights and discuss the growing role of conventional and Islamic banking in maintaining a stable financial industry. We look forward to joining other industry experts in redefining Qatar’s financial landscape.”

QFB joins other leading financial institutions in Qatar at the conference that is set to witness a strong presence of international delegates. In 2012, the event brought together over 600 people from 30 countries

Qatar First Bank has announced the Gold sponsorship of the Global Islamic Economic Summit

Qatar First Bank, the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA), has announced the Gold sponsorship of the Global Islamic Economic Summit to be held at Madinat Jumeirah, Dubai, UAE on 25-26 November 2013.

Attracting more than 1600 delegates, the conference is held under the patronage and the attendance of Sheikh Mohamed Bin Rashed Al Maktoum UAE Vice President, Prime Minister and Ruler of Dubai and organised by Thomson Reuters and the Dubai Chamber of Commerce & Industry.  The two-day event is poised to be the region’s largest event aimed at promoting the Islamic economy and examining the constraints facing its development and growth.

Ahmed Meshari, Acting CEO, QFB commented, “We are proud sponsors of the Global Islamic Economic Summit. The Islamic finance industry continues to grow substantially with many major financial cities competing to become the hub of Islamic finance.  As a leading Shari’ah compliant financial institution, we are looking forward to joining other global Islamic financial experts, policy makers and stakeholders of the US$8 trillion Islamic economy in addressing the challenges facing this vibrant financial system.”

Islamic Finance witnessed considerable growth since the financial crisis of 2008 with Islamic finance assets reaching US$ 1.32 trillion at the end of 2012.   In spite of this growth, which is 50% more than the conventional banking, there is a great potential for further development specifically in terms of products and regulatory framework.

Qatar First Bank is the only bank from Qatar joining regional banks like Abu Dhabi Islamic Bank, Dubai Islamic Bank and Emirates NBD in sponsoring the event.  The summit will bring together experts from all facets of the Islamic Economy and will address themes as the role of the Islamic economy in the evolving global economic landscape, future strategies for its adoption and the takaful industry.

QFB announced the appointment of Sulaiman Yousif Al-Salhi as Chief Business Officer.

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA), announced the appointment of Sulaiman Yousif Al-Salhi as Chief Business Officer.

Sulaiman brings over 24 years of financial experience in private banking, investment banking, corporate lending and Islamic finance. As Chief Business Officer at QFB, Sulaiman will be responsible for overseeing all commercial banking activities including business development, client operations, and building strategic partnerships.

Commenting on the new appointment, Ahmad Meshari, Acting CEO of QFB, “We are pleased to welcome Sulaiman to the QFB team. We are confident that Sulaiman’s strong expertise in the financial sector will make a positive addition to the QFB team and will ensure that we further strengthen our business as we continue to grow across our diverse markets.”

Before joining QFB, Sulaiman served as Managing Director and Senior Executive Officer at Bank Sarasin-Alpen (Qatar) LLC, where he led the private banking team and successfully managed the bank through its critical start-up phase in Qatar. Within three years, the bank successfully established itself in Qatar’s private banking sector.

Sulaiman’s success is built upon two decades of experience at HSBC Middle East, during which he progressed from branch manager to Head of HSBC-Amanah Islamic finance.  During his career at HSBC, Sulaiman was also credited with instituting the Amanah Personal Banking, and Corporate and Investment Banking arms of the business and thus securing substantial amounts in assets under management and revenue.

The Board of Directors of Qatar First Bank (QFB) announced today the appointment of Ahmad Meshari as Acting Chief Executive Officer

The Board of Directors of Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) announced today the appointment of Ahmad Meshari as Acting Chief Executive Officer with immediate effect.  Ahmad will replace Emad Mansour who recently resigned from the Bank.

Ahmad brings with him more than 30 years’ experience in the financial sector gained through different senior management positions in regional banks and key roles on high-profile boards, primarily with Islamic financial institutions. Ahmad Meshari joins QFB from Qatar Islamic Bank (QIB) where he served as Deputy Chief Executive Officer.

Ahmad will have responsibility for QFB’s business lines including the Wealth Management business, Principal Investments, Asset Management and Corporate Finance Advisory. QFB’s current investment stands at  QAR 1.8 billion across various sectors including energy, financial services, industrials, real estate and healthcare in markets as diverse as Middle East and North Africa, Turkey and in the United Kingdom.

Abdulla bin Fahad bin Ghorab Al Marri, Chairman of QFB, commented, “We thank Emad for his efforts and major contributions in growing the Bank and wish him all the success in his future endeavours.  We congratulate Ahmad on his new appointment.  Ahmad brings a depth of experience to this important role and we are excited to have someone with his calibre and talent to lead the team and grow the Bank to new heights”

Ahmad holds a Master’s of Business Administration from the University of Ottawa and a bachelor’s degree in Business Administration from Kuwait University.  He is a Fellow member at the Arab Academy for Banking and Financial Services and has been a holder of the Certified Lender of Business Banking from the Institute of Certified Bankers in the USA since 2003. Ahmad has served as a board member at several of QIB’s subsidiaries including QIB-UK (the investment arm of QIB in United Kingdom), Aqar, Solidarity Group, Q-Invest, Arab Finance House and Al Jazeera Finance.

Formerly known as Qatar First Investment Bank, QFB offers Principal Investments, Corporate Advisory, Asset Management and Wealth Management services. QFB reported strong financial results in 2012, as net income rose by 21 per cent from QAR 94 million (US$25.8 million) in 2011 to QAR 113.2 million (US$ 31.1 million) in 2012