Category: News

QFIB started its annual “Ramadan Blessings” campaign by hosting an iftar for the children of the Dhreima Friends Club to celebrate the Garangaou

Qatar First Investment Bank (QFIB) started its annual “Ramadan Blessings” campaign by hosting an iftar for the children of the Dhreima Friends Club to celebrate the Garangaou. This is the first of a series of community related activities planned during the Holy month of Ramadan.

QFIB management, staff and their families invited the children and staff of Dhreima Friends club to join them at the Diplomatic Club where they were entertained with a variety of activities including face painting, henna drawing and fun games. The children were also given traditional Garangaou bags and gifts to mark the special occasion.

Garangaou is a special Qatari tradition for children and is celebrated on the 14th of Ramadan. Children often dress up in traditional gowns and visit neighbors and friends, chanting songs and prayers for the wellbeing of the residents of the house. In return, the children are given nuts and sweets.

Mike de Graffenried, CEO of QFIB said, “Ramadan is a special month. It promotes solidarity and brotherhood. As a conscious corporate citizen and an Islamic institution QFIB is committed to reach out to the local community and contribute to its welfare. We are delighted to share the celebrations of the Garangaou with the children of the Dhreima Friends Club, for the second year. The Garangaou celebration is a worthwhile opportunity for QFIB employees and their families to observe such a tradition and to strengthen ties with members of the local community during the special month of Ramadan.”

Wajeeda Abdulla, the director of the social activities from Dhreima Friends Club said,” We thank Qatar First Investment Bank for hosting our children for the second year. Such a celebration helps in preserving a Qatari tradition as well as creating a bond between different members of the community. This clearly indicates the bank’s strong belief in solidarity and commitment to Shari’ah principles.”

Dhreima Friends Club aims to provide an integrated Islamic system of care and shelter for orphans in the State of Qatar. Dhreima believes ensuring the welfare of orphans is the responsibility of society which is why partnering with other local organisations is an important aspect of their work.

QFIB today announced the completion of an employee training program on anti money laundering (AML) and countering financial terrorism (CFT).

Qatar First Investment Bank (QFIB), the leading Shar’iah-compliant, unaffiliated investment bank, today announced the completion of an employee training program on anti money laundering (AML) and countering financial terrorism (CFT).

Training day

The first workshop, held on Tuesday, August 3rd, was delivered by Mr. Reza Zaidi, Head of Compliance and Mr. Duncan Gore, Compliance & AML Manager at QFIB. Senior members of the Strategic Investment and Private Equity departments were updated on the latest rules and regulations of the Qatar Financial Centre and were provided a refresh of applicable Qatari laws. The in-house training session was tailored to staff responsibilities with regards to AML and CFT and included case studies to illustrate the importance of this issue.

“Although AML and CFT have always been a key area of consideration for QFIB, we have recently increased efforts to ensure that the bank remains ahead of the curve both in terms of internal control as well as practical application in this area,” explained Mr. Zaidi. “These interactive training sessions have been developed to provide staff with an insight into their AML and CFT responsibilities in line with legal and regulatory rules as well as global best practice.”

“QFIB is keen to ensure that employees are well informed and up-to-date with the latest industry standards, including those for anti-money laundering and countering financial terrorism,” said Mike de Graffenried, Chief Executive Officer of QFIB.

“Training workshops like these also contribute to protecting the interests of our clients and shareholders and ultimately, help QFIB achieve better performance, avoid risk and enhance success,” he concluded

QFIB has conducted a one -day workshop at its headquarters on Shari’ah Compliant banking.

In line with its commitment to train and develop its staff, Qatar First Investment Bank (QFIB) has conducted a one -day workshop at its headquarters on Shari’ah Compliant banking.

Training Day

The workshop, held on Sunday, 20 June, was delivered by Dr. Ali Al Quradaghi, the chairman of QFIB’s Shari’ah Supervisory Board and a respected researcher and professor in the Faculty of Shari’ah at Qatar University.

Dr. Al Quradaghi said, “Shari’ah compliant finance has proven its resilience to the global financial crisis as it prohibits dealing in activities such debt trading and market speculation that have contributed to this credit crunch.

“On the global scene, Shari’ah compliant finance is increasingly becoming popular, as many look at it as a safe haven and an alternative financial solution. I greatly applaud QFIB’s initiative and efforts in ensuring that its staff is kept regularly updated on the fundamentals, practices and business ethics of Shari’ah compliant banking. This means QFIB will remain at the forefront of Shari’ah complaint investment banking.”

The 40 staff members of the bank’s team looked at the underlying differences between Shari’ah compliant and conventional banking, discussed the essential financial tools used in Shari’ah compliant banking and how investments can be considered Sharia’h compliant.

Mike de Graffenried, Chief Executive Officer of QFIB, said: “Training and developing our employees is at the heart of our HR strategy. QFIB aims to become one of the leading financial institutions in Shari’ah compliant investment banking in Qatar and the GCC. This workshop is in line with our commitment to train and develop our staff and keep them updated with the latest developments in Shari’ah compliant banking

Partnership between Qatar First Investment Bank and Ithmar Announced

Qatar First Investment Bank and Ithmar Capital, a regional private equity firm, announced today the launch of a new healthcare platform which will seek to capitalize on the extensive growth opportunities in the healthcare service and pharmaceutical/life science sectors in the GCC. This healthcare platform represents the first collaboration between QFIB and Ithmar Capital combining their region-wide resources and expertise. This partnership is QFIB’s first venture in the health care sector, and demonstrates the Bank’s cross-sector expertise.

QFIB and Ithmar Capital jointly announced the completion of their first healthcare initiative – a strategic equity partnership with Al Noor Medical Company. Al Noor Medical Company, based in the UAE, is a state of the art institution offering a full array of healthcare services. Established in 1985 as a polyclinic, Al Noor has developed into the leading private provider of integrated healthcare services in Abu Dhabi with three hundred beds in three secondary care hospitals, three primary care clinics and ten pharmacies. Its credentials include accreditation from Joint Commission International (JCI), affiliation with the Children’s Hospital Boston as well as being awarded the Sheikh Khalifa Excellence Award consecutively over 2002 – 2007, and the Sheikh Khalifa Gold Excellence Award in 2009.

Abdulla bin Fahad bin Ghorab Al Marri, Chairman of QFIB said: “Today we are launching an important regional initiative in the growing GCC healthcare market. The platform is innovative; market leading and we are very pleased to be partnering with Ithmar on this exciting project. We take great care in forming partnerships and only select highly professional, reputable and credible companies to work with to ensure mutual success.” He added, “This strategic partnership will give QFIB exposure to the health care business in addition to the opportunity of establishing a foothold in this growing sector.”

Faisal Belhoul, Managing Partner and Founder of Ithmar Capital, said, “We are proud to partner with Qatar First Investment Bank as we believe QFIB is an excellent strategic partner with an outstanding track record and high credibility. Our alliance with QFIB is an optimal fit, leveraging on the Bank’s extensive shareholder network in Qatar and the Kingdom of Saudi Arabia. QFIB has demonstrated its ability to generate attractive returns by building shareholder value through hard work, collaboration with companies and active participation.”

Chairman Abdulla bin Fahad Bin Ghorab Al Marri presents an overview of the Bank’s activities in 2009 and future plans.

Chairman Abdulla bin Fahad Bin Ghorab Al Marri presents an overview of the Bank’s activities in 2009 and future plans.

Qatar First Investment Bank (QFIB) today announced that its Annual General Meeting has approved the Bank’s Audited Financial Results for the year ended 31 December 2009.

“We are proud to report on our successful first year of operation,” said Chairman Abdulla bin Fahad Bin Gohrab Al Marri during his opening remarks. “Setting up a new, non-affiliated investment bank at a time when financial markets were under a great deal of stress was never going to be easy.  The hard work and dedication of the people in the bank has shown that a Qatari Islamic investment bank can play an important role in the region and wider international markets.”

Chairman Al Marri presented an overview of the Bank’s activities and financial results in its inaugural year 2009, along with the future plans for the Bank.  In its first year of operation, QFIB succeeded in achieving a Net Income of U.S. $1.6million, in spite of the economic and financial turmoil that affected many countries around the world, reaffirming its leading position domestically and regionally.

“We are pleased with the results we have achieved during our first year considering that we began our operations amidst the unusual circumstances surrounding the global financial meltdown, in addition to all the costs incurred at the set up phase and launching a new brand in the market,” explained the Chairman.

“This is a difficult time for investors and 2010 for Qatar First Investment Bank will be characterized by the need to have well-thought out and well executed transactions,” emphasized the Chairman.

“There is still a fear that the markets might face some unexpected turbulences, therefore, it is essential to be cautious and wait until the market conditions improve before committing to long term investments.”

“We are very pleased with the response we have received from informed investors across the GCC, who are delighted to have access to an independent, experienced and expert Shari’ah bank.  Thus despite the market conditions we are very confident that 2010 will be another good year for QFIB,” concluded the Chairman.

At the General Meeting, the reappointments of board members appointed since the Bank’s incorporation were approved.  These included; Mr. Ibrahim Mohamed Al-Jomaih, H.E. Mr. Ahmed Abdulla Al Marri; Mr. Anwar Jawad A. Bukhamseen; Mr. Khaled Abdulla Khouri, and Dr. Fahad Abdulla Al Damer.

The Shari’ah Supervisory Board report for the year ended 31 December 2009 was approved and the current Shari’ah Supervisory Board consisting of Shaikh Dr. Ali Al Quradaghi, Chairman; Shaikh Dr. Shafi Al-Hajri, Member, and Shaikh Yahia Al-Nuaimi, Member, reconfirmed.

The General Assembly also approved the re-appointment of PricewaterhouseCoopers as external auditors for the year 2010.

A Special Annual Meeting followed the General Meeting wherein the revised Articles of Association were approved.

Highlights: 2009 in Brief

• QFIB reported a Gross Income of U.S. $85.6 million.
• QFIB invested a Total Capital of U.S. $186 million in 2009
• QFIB invested in the energy sector through the acquisition of 40.83% stake in Qatar Engineering and Construction Company (Qcon), whose principal activities are engineering, construction and maintenance contracting for the oil, gas and petrochemicals industries.
• QFIB also invested in the real estate sector with their purchase of Al Jazeera building in the Al Sadd area of Doha. QFIB also acquired a 12% stake in Nobles properties, a leading real estate development company based in Dubai.
• QFIB invested in the industrial sector through acquiring a 71.3% ownership stake in Emirates National Plastic Industries Company (ENPI), a leading manufacturer of plastic packing solutions based in the UAE.
• QFIB invested in the financial sector through the acquisition of 3.5% stake in Al Jazeera Finance (AJF), a Shari’ah compliant consumer finance company