Category: News

QFIB and Gulfmena Investments Limited (‘Gulfmena’) announced today the launch of TEBYAN Asset Management Limited (‘TEBYAN’)

Qatar First Investment Bank (‘QFIB’) and Gulfmena Investments Limited (‘Gulfmena’) announced today the launch of TEBYAN Asset Management Limited (‘TEBYAN’), a new fully integrated, Shari’ah compliant asset management company offering an unrivalled range of Islamic investment products and services. After an initial and temporary offshore establishment, the new company will seek to be authorised and regulated by Qatar Financial Centre Regulatory Authority.

TEBYAN’s launch closely follows QFIB’s strategic partnership with Gulfmena – announced in late 2010 – to form a total solutions platform which meets the emerging needs of the Islamic investment community under one roof. TEBYAN aims to tap into the growing Shari’ah asset management space and to cater to international and regional investors seeking traditional and alternative strategies. Its unique proposition of combining asset management with wealth management will bridge the gaps in today’s Islamic investment offering.

“The launch of TEBYAN is the result of a strong, significant partnership between QFIB & Gulfmena,” said Emad Mansour, CEO of QFIB. “Our intention with TEBYAN is to assume leadership of the Islamic asset management sector by constantly employing and combining the best in corporate practice, innovative investment tools and exceptional market knowledge, with the purity of Islamic Shari’ah rulings,” Mansour added.

TEBYAN will be managed by Gulfmena’s CEO Haissam Arabi and will be governed by its own Shari’ah Board chaired by Sheikh Dr. Ali Al-Quradaghi. TEBYAN will primarily serve Islamic institutions, family offices, large family money, UHNWIs and HNWIs whose assets are often allocated to MENA/GCC with some global investment allocations spread over different asset classes.

“TEBYAN’s launch fulfils our objective of offering an innovative and unique proposition to Islamic investors regionally and internationally” said Haissam Arabi, CEO of Gulfmena. “Gulfmena has extensive experience in the asset management space particularly in MENA assets classes which is vital to our natural clients, while QFIB has an exceptional network, a complementary product offering and a strong balance sheet committed to innovation —TEBYAN’s success will build on all these merits,” Arabi added.

As part of its objective to bridge gaps in today’s Islamic investment offering, TEBYAN will be launching the first of its kind New Silk Route long-only fund focusing primarily on the Arab-Indo-China region. “This product comes at a time when valuations in emerging markets are conducive to take advantage of, and to position portfolios in markets which will form the new economic axis of the future” Arabi concluded.

The Islamic Contemporary Financial Transactions training course concluded its last session today.

The Islamic Contemporary Financial Transactions training course concluded its last session today. The training course was organized by the Faculty of Islamic Studies in Qatar (QFIS), a member of Qatar Foundation for Education, Science & Community Development, in collaboration with the International Union for Muslim Scholars (IUMS). Qatar First Investment Bank (QFIB), was the official sponsor of this training course. The course, is part of the ‘Future Scholars’ series which commenced last February, and was held on a weekly basis at QFIS premises in Education City.

“We are pleased to collaborate with the Faculty of Islamic Studies in delivering such an important course. Demand for Islamic Financial products and services is growing at an unprecedented rate. It is essential that practioners in this field are regularly kept up to date with latest practices in this industry. QFIB’s sponsorship of this training course underlines our commitment to support activities dedicated to generating awareness about Islamic finance. We hope this is a first step in a long-term partnership between QFIB and QFIS” said Abdullah bin Fahd bin Ghorab Al Marri, QFIB Chairman.

Dr. Hatem Al Qaranshawi, the Dean of QFIS thanked QFIB for their support and commented:”This partnership between (QFIS), (IUMS) and (QFIB) is of a great significance. It highlights QFIS as a major player in spreading awareness of Islamic heritage specifically in financial transactions. QFIS facilitates the exchange of expertise that virtually contribute to the development of Islamic financial services in Qatar in order to meet the economic challenges of the era.”

Over 220 male and female students, in addition to a number of professionals working in the Islamic finance field, attended a series of specially designed lectures the content of which was developed by Dr. Ali Al Quradaghi, Qatar Univesity Professor, IUMS Secretary General and Head of Shari’ah Board of QFIB ., The content of the course covered two major areas: Introduction to Islamic Economy and the Methodology of Islamic Jurisprudence.

“We are grateful for QFIB’s support of the Islamic Contemporary Financial Transactions Training Course,” commented Prof. Dr. Al Quradaghi. “This course is not just about educating our students but also nurturing our growing talent in this very important and growing area of finance,” he added.

QFIB announced that its Annual General Meeting has approved the Bank’s audited financial results for 2010, QFIB’s second full year of operation

Qatar First Investment Bank (QFIB) announced that its Annual General Meeting has approved the Bank’s audited financial results for 2010, QFIB’s second full year of operation. QFIB achieved a number of milestones that cement the Bank’s reputation as a solid and forward-thinking institution.

QFIB Chairman Abdulla bin Fahad bin Ghorab Al Marri presented an overview of the Bank’s activities and presented the Bank’s financial statements for 2010 which the Board had ratified in its meeting on Sunday 20th March, 2011 adding that QFIB achieved outstanding financial results for 2010. The Bank reported a total income of $171 million (QR 619 mn) and a net income of US$ 22.8 (QR 83mn). Which represents a substantial increase from the figures delivered in 2009. Total capital invested in 2010 reached $287 million(QR 1.45bn), an increase of nearly 30% on the 2009 figure of $186 million.

The Chairman also stated that for the first time since the launch of QFIB operations, the General Assembly has approved a distribution of a cash dividend of 5% of the nominal value of share capital to QFIB shareholders.

Commenting on the results QFIB Chairman, Abdulla bin Fahad bin Ghorab Al Marri stated, “In spite of the sluggish recovery of the global economy, we have managed to successfully complete our second year of operations. I am pleased to report that QFIB is making progress at a steady pace. Launching an independent investment bank amidst the global meltdown raised a few questions. However, we have demonstrated that adopting a prudent investment strategy, a structured approach along with innovation and dedication will deliver rewards.”

Al Marri continued, “Our net income for our first nine months of operation in 2009 was impacted by the global economic meltdown and, all the costs incurred with setting up a business and launching a new brand to market. During 2010 the Bank managed to achieve several milestones which lead to the massive increase in our net income.”

Major milestones for 2010

During 2010, the Bank continued to pursue its prudent investment strategy based on sector and geographic diversification. QFIB demonstrated its cross sector expertise by focusing on the healthcare sector which is considered a defensive sector given its resilience to economic downturn. Furthermore, the healthcare sector is experiencing rapid growth in the MENA region driven by population growth. The Bank closed two significant transactions in this prime sector.

QFIB’s first venture into healthcare was through acquiring an ownership stake in Astro SPV which seeks to exploit the extensive growth opportunities in the healthcare and pharmaceutical sectors in the UAE. Astro SPV first investment was in Al Noor Medical Company, a leading healthcare service provider in Abu Dhabi.

QFIB continued its geographical diversification by acquiring, in partnership with Argus Capital of the UK, a 40% stake in Memorial Health Group, a leading private Class A healthcare provider in Turkey operating seven hospitals with a capacity of 855 beds and two medical centers. Turkey is the largest Islamic country and has strong economic fundamentals.

To capitalize on the growing demand for shari’ah based asset management in the region, the Bank formed a strategic partnership with Gulfmena Alternative Investments Limited (GAIL) to establish a unique, ‘one-stop’ Shari’ah-compliant asset management company, the first of its kind in the region offering a comprehensive range of Islamic investment products and services.

QFIB successfully exited one of its investments in the real estate sector with sound returns.

A major highlight of 2010 was the Bank achieving the ISO 27001 certification for its IT department and data center which underlines the Bank’s commitment to establish an IT governance framework and world class infrastructure to support the growing needs of the business.

The Bank developed a unique in-house share exchange platform which will enable shareholders to exchange and sell shares with each other as well as third parties.

Internally, the Bank continued to invest in its human capital. The number of employees increased from 51 to 79 employees.

On the community front, the Bank demonstrated its commitment to educating and developing the youth in Qatar by joining the Injaz Qatar Company volunteer program. In recognition to role played by QFIB, Injaz appointed QFIB Chairman was to their executive board.

Al Marri concluded, “2010 was year full of challenges for QFIB but ones we managed to weather out well. We recognise that a lot remains to be done. The economic landscape in 2011 will be even more challenging given the recent political turbulences in the Middle East which will result in fundamental changes in the geo-political environment within the region. We are confident however, that this will bring a wave of potential opportunities which we can capitalize on. We are committed to continue providing our investors with well structured investment products and a world class service of an independent, experienced Islamic investment bank.”

QFIB announced its sponsorship for “Al Joud Exhibition”, which is organized by Qatar Islamic Cultural Centre (Fanar) for the art of Arabic Calligraphy by the world-renowned calligrapher Sabah Arbili

Qatar First Investment Bank (QFIB) announced its sponsorship for “Al Joud Exhibition”, which is organized by Qatar Islamic Cultural Centre (Fanar) for the art of Arabic Calligraphy by the world-renowned calligrapher Sabah Arbili. The exhibition will take place at KATARA during the period from 21 – 25 April, 2011.

His Excellency Dr. Ghaith bin Mubarak Al Kawwari, Minister of Awqaf and Islamic Affairs will inaugurate the exhibition, in the presence of Sheikha Dr. Aisha bint Faleh Al Thani, board member of Reach Out To Asia (ROTA).

The exhibition, will display thirty pieces of art by the world-renowned calligrapher Sabah Al Arbili. The name of the exhibition “Joud” means generosity in Arabic and is reflected in all the art pieces through a selection of verses from the Holy Quran that stress on the importance of charitable giving and solidarity with the less fortunate in Islam.

Mr. Mohammed Al Mahmoud, Director of the Religious Call and Guidance Department, at the Ministry of Awqaf and Islamic Affairs, stressed that the Joud exhibition is a new approach help generate awareness and to spread the values of Islam through using the art of Arabic Calligraphy to write Quranic verses that convey the importance of giving and sharing in Islam.Al Mahmoud thanked Qatar First Investment Bank for sponsoring this exhibition, and helping to spread Islamic culture and art. He also thanked “KATARA” who is the cultural partner and ROTA who is the charity partner of the event.

QFIB’s sponsorship of this exhibition is in line with the Bank’s commitment towards supporting local institutions that promote cultural programs specifically those that help generate awareness and reinforce Islamic values, culture and art in the society.

Emad Mansour, Chief Executive Officer of QFIB commented: “We are pleased to be the main sponsor for Al Jood Exhibition organized by Fanar. As an independent Shari’ah compliant investment bank, we are keen to support local institutions that promote Islamic culture and heritage. Al Jood Exhibition has a noble mission. It is aimed at reinforcing the Islamic values and generating awareness for Islamic art into the community. It also aims at educating the younger generation about Arabic and Islamic identity.”

For his art, Al Arbili’s uses high quality natural materials and tools, such as traditional ink and specially treated paper ensuring that they can withstand the test of time. The exhibition will also display other forms of different Islamic arts such as sculptures of Arabic alphabet.

Three pieces of art from Al Arbili’s collection will be auctioned. The proceeds will go to Reach Out to Asia to fund their educational projects in Pakistan.

Mr. Essa Al Mannai, Director of ROTA thanked the Religious Call and Guidance Department and Fanar Centre for choosing ROTA as the official charity partner for the Joud Exhibition and expressed his gratitude in helping to support ROTA’s mission of providing educational opportunities for children in Pakistan.

QFIB today announced it will sponsor the 7th Annual Private Equity International (PEI) Middle East Forum 2011, opening April 11th at the Emirates Towers Hotel in Dubai, UAE

Qatar First Investment Bank (QFIB) today announced it will sponsor the 7th Annual Private Equity International (PEI) Middle East Forum 2011, opening April 11th at the Emirates Towers Hotel in Dubai, UAE. A delegation of senior members of QFIB’s investment team will attend the many panel discussions and plenary sessions at this year’s Forum.

“For the second year in a row, QFIB is proud to sponsor this prestigious forum in which leading PE firms in the region participate in. This forum provides a platform to share ideas and discuss the latest developments in Private equity industry. We aim through our participation to highlight the role PE firms can play in developing SME’s.” said QFIB CEO Emad Mansour.

Mr. Mansour will be participating in a panel discussion along with senior executives from the Dubai School of Government, Saffar Capital and Riyada Enterprise Development, examining strategies for nurturing entrepreneurial opportunity, creating a macro environment for growth and hands-on approaches to mentoring entrepreneurs.

PEI Media, the leading financial information group dedicated to alternative assets globally, hosts the prestigious PEI forum each year which features over 300 of the biggest names in international and regional private equity. Under the banner of How Private Equity will Drive Growth in a Post-Crisis MENA, this year’s forum will examine in detail the role of private equity and map the investment opportunity in this dynamic market as it recovers from some of the excesses of the previous cycle.