Category: News

Qatar First Bank announces the listing of all its shares on the Qatar Stock Exchange on April 27th

Qatar First Bank L.L.C. (QFB), a leading Shari’ah compliant bank based in Qatar offering investment opportunities and innovative financial solutions with local, regional and international reach, announces the imminent listing of the bank’s shares on the Qatar Stock Exchange (“QSE”) on the 27th of April 2016. Following the approval of the Qatar Financial Markets Authority (QFMA), the QSE announced the listing date of QFB’s shares as Wednesday 27th of April 2016. QSE stated that listing of QFB will be in the Banking and Financial Services Sector with a symbol QFBQ. The guiding trading price for the first day will be QR 15 per share with a fluctuation of limit of 30% up or down which will be permitted only for the first day of listing; however, price fluctuation on the second day and thereafter will be permitted by 10% up or down as is the case for all other listed companies under the QSE rules. QFB was established as one of the first independent Shari’ah compliant financial institutions licensed by the Qatar Financial Center Regulatory Authority, on September 4, 2008. The Bank’s authorized capital amounts to QR 2.5 billion and the issued and paid up capital is QR 2 billion.

A listing prospectus approved by the QFMA and Fatwa of the bank’s Shari’ah supervisory board are available on QFB’s website www.qfb.com.qa. The prospectus offers interested investors full details about the listing and the Bank. QFB will be organizing a press conference on Tuesday at 10:00 am regarding this milestone.

Al Rayan Investment LLC acted as the sole listing advisor along with international legal counsel Pillsbury Winthrop Shaw Pittman L.L.P. and local legal counsel Sultan Al-Abdulla& Partner.

Commenting on the milestone, Mr. Abdulla Bin Fahad Bin Ghorab Al Marri, Chairman of QFB said:

“This is a significant achievement for Qatar and QFB. It is the first listing of a Qatari entity licensed by the QFC, and the first listing for a private entity in 6 years. It marks the next step in Qatar’s efforts to reactivate Qatar’s stock market and encourage the participation of the private sector in all aspects of the Qatari economy and in particular the banking sector.”

Al Marri added: “Our listing on the QSE was always a top priority, and we are proud to deliver on this promise to our shareholders who have supported us all these years and to the Qatar market in general.”

“QFB, with a clear strategy, highly experienced team, and solid shareholder base, strives to maintain its role as a trusted advisor for high-net-worth individuals, corporate and institutional clients and a gateway to business opportunities in Qatar, the region and global markets.” Al Marri concluded.

QFB has previously announced its 2015 results recording gross income of QAR 336.5 million (US$ 92.5 million), and net income of QAR 66 million (US$ 18.1 million) with total assets increasing by 26 per cent to reach QAR 5.9 billion (US$ 1.6 billion). The Bank, during 2015, invested a total of QAR 33.9 million (US$ 9.3 million), bringing the total capital invested to date to QAR 1.54 billion (US$ 423.0 million). The Sukuk book continued to grow in size to reach QAR 943 million (USD$ 259 million) and total deposits reached around QAR 3 billion.

Ziad Makkawi, Chief Executive Officer, QFB said:

“QFB’s listing represents another significant milestone in the Bank’s quest to grow, expand its offerings and provide a ‘Signature of Excellence’ to its clients.”

Makkawi added: “Last year was a ground-breaking year for the bank. We confirmed our strategy and streamlined our businesses to offer innovative Shari’ah compliant solutions ranging from corporate & institutional banking, private banking & wealth management, treasury & investments, as well as alternative investments with a focus on private equity and real estate.”

“Looking ahead, we are aware that there is still a great deal of work to be done on the Bank’s journey to success, and we are investing to achieve our objectives. We believe that the listing on the QSE is the beginning of a new era, which complements our ambition to become a significant player in the Shari’ah compliant banking arena”, Makkawi concluded.

Reaping the benefits of the Bank’s strategy, QFB has been exclusively named 2016’s ‘Best Up-and-Coming Islamic Financial Institution’ in Global Finance magazine’s ninth annual awards for the World’s Best Islamic Financial Institutions. The esteemed global award came on the heels of QFB’s several milestones across its businesses.

Among major developments during 2015, QFB launched its exclusive Private Banking business line, symbolized by the opening of its lounge, which serves as a communication hub, through which QFB provides innovative wealth management solutions at the highest standards of governance and transparency to its elite clients.

Despite the challenging global and regional economic conditions, QFB has an attractive pipeline of deals to be completed during this year. The team of banking professionals will continue focusing on identifying and seizing new, attractive opportunities, deliver excellence for both private and corporate clients, build a strong brand, and provide shareholders with robust returns.

Qatar First Bank won exclusively Global Finance 2016’s Best Up-and-Coming Islamic Financial Institution global award

Reaping the benefits of the strategy it introduced in 2015, Qatar First Bank (QFB), Qatar’s leading Shari’ah compliant bank, has been named exclusively 2016’s ‘Best Up-and-Coming Islamic Financial Institution’ in Global Finance magazine’s ninth annual awards for the World’s Best Islamic Financial Institutions.

QFB won the prestigious award after Global Finance had extensive consultations with bankers, corporate finance executives and analysts throughout the world.

In selecting the world’s top Islamic Financial Institutions, Global Finance considered a wide range of quantitative factors including growth in assets, profitability, geographic reach, strategic relationships, new business development and product innovations, as well as informed subjective criteria such as reputation, customer satisfaction, and the opinions of analysts and industry experts.

Global winners include:

Best Islamic Financial Institution Samba
Best Bank for Islamic IPOs J.P. Morgan
Best Up-and-Coming Islamic Financial Institution Qatar First Bank
Best Islamic Custodian Deutsche Bank
Best Provider of Shari’ah-Compliant Funds Al Rajhi Capital
Best Islamic Financial Institution for SMEs Abu Dhabi Islamic Bank
Best Shari’ah-Compliant Index Provider MSCI Islamic Index Family
Best Islamic Trade Finance Provider Dubai Islamic Bank
Best Islamic Commodities Provider International Islamic Trade Finance Corporation
Best Sukuk Bank Maybank Islamic

Regional winners include:

Gulf Cooperation Council (GCC) Kuwait Finance House
Non-GCC Middle East/North Africa Al Baraka Banking Group
Asia-Pacific CIMB Islamic Bank
Europe Al Rayan Bank

Winners will be honored at an Awards Ceremony conducted the morning of October 8th during the IMF/World Bank Annual Meetings in Washington, DC.

The esteemed global award comes on the heels of QFB several milestones across all its business lines, while reporting continued profitability for the bank’s seventh full year of operation, as released in March.

Commenting on winning the acclaimed award, Mr. Ziad Makkawi, QFB’s Chief Executive Officer, said:
“We are honored to be named 2016’s ‘Best Up-and-Coming Islamic Financial Institution’ by the renowned, authoritative Global Finance magazine. The prized global award is a translation of QFB’s winning strategy and innovative approach to Islamic Finance.”

Makkawi added:
“Our strategy focuses on the bank’s role as a trusted advisor, a gateway for investors who wish to tap into innovative, shari’ah-compliant, financial solutions and investment opportunities in local, regional and global markets. We are at the beginning of a new era for our bank and have already started reaping the benefits of our ambitious strategy, as each area of the Bank performed well, bringing growth and generating new recurring income. This celebrated global award is a confirmation that QFB is on the right path, as it continues to identify and seize new, attractive opportunities, deliver excellence for both private and corporate clients, build a strong brand, and provide shareholders with robust returns.”.

Mr. Joseph Giarraputo, Global Finance publisher and editorial director, said:
“Islamic finance continues to expand rapidly—both geographically and in terms of structures and products”.

“Those firms that have been named as this year’s Best Islamic Financial Institutions have consistently supported the needs of their clients. They are able to respond dynamically to the changing environment for Shari’ah compliant financing, while upholding both the spirit and the letter of Shari’ah law.”

Giarraputo added.
Last year was a milestone year for QFB. The bank confirmed its strategy and streamlined its businesses to offer Shari’ah compliant services including alternative investments with a focus on private equity and real estate, as well as corporate & institutional banking, private banking & wealth management, and treasury & investments.

QFB has previously announced its 2015 results recording gross income of QAR 336.5 million (US$ 92.5 million), and net income of QAR 66 million (US$ 18.1 million) with total assets increasing by 26 per cent to reach QAR 5.9 billion (US$ 1.6 billion). The Bank, during 2015, invested a total of QAR 33.9 million (US$ 9.3 million), bringing the total capital invested to date to QAR 1.54 billion (US$ 423.0 million). The Sukuk book continued to grow in size to reach QAR 943 million (USD$ 259 million) and total deposits reached around QAR 3 billion.

Among other major developments during 2015, QFB launched its exclusive Private Banking business line, symbolized by the opening of its lounge, which provides innovative wealth management solutions at the highest standards of governance and transparency.

A full report on the Global Finance World’s Best Islamic Financial Institutions selections will appear in the June issue of the magazine and online at GFMag.com. The Winners, including QFB, will also be honored at an Awards Ceremony conducted in October during the IMF/World Bank Annual Meetings in Washington, DC.

Qatar First Bank reports a net income of QAR 66 million in 2015

QFB reported continued profitability according to their Full Year results for 2015.

Qatar First Bank (QFB), Qatar’s leading Shari’ah compliant bank, Authorized by QFC Regulatory authority, offering investment opportunities and innovative financial solutions with local, regional and international reach, reported continued profitability according to their Full Year results for 2015.

Attendees at QFB’s Annual General Meeting (AGM) held yesterday, approved the Bank’s audited financial results for its seventh full year of operation and outlined a number of significant milestones achieved over the past twelve months across all business units.

The Bank recorded gross income of QAR 336.5 million (US$ 92.5 million) in 2015, and net income of QAR 66 million (US$ 18.1 million) with total assets increasing by 26 per cent to reach QAR 5.9 billion (US$ 1.6 billion). During the year, QFB invested a total of QAR 33.9 million (US$ 9.3 million), bringing the total capital invested to date to QAR 1.54 billion (US$ 423.0 million).

The Bank’s Sukuk book continued to grow in size to reach QAR 943 million (USD$ 259 million) and total deposits reached around QAR 3 billion.

Abdulla Bin Fahad Bin Ghorab Al Marri, Chairman or QFB commented:
“As the global investment market continues to go through major challenges, investors are demonstrating a growing interest in Shari’ah compliant financial offerings. This trend confirms QFB’s strategy to expand Shari’ah compliant products to the corporate and private banking market, providing expert advice on Islamic Finance services that demonstrate genuine growth and profitability.”

“Our strategy focuses on the bank’s role as a trusted advisor, a gateway for investors who wish to tap into innovative, shari’ah-compliant, financial solutions and investment opportunities in local, regional and global markets. We are at the beginning of a new era for our bank, and by launching an ambitious strategy, we are complementing our ambition to list our bank on the Qatar Exchange in the coming weeks.” Al Marri.

Ziad Makkawi, Chief Executive Officer, QFB said:
“Last year was a milestone year for QFB. We confirmed our strategy and streamlined our businesses to offer Shari’ah compliant services including alternative investments with a focus on private equity and real estate, as well as corporate & institutional banking, private banking & wealth management, and treasury & investments.”

Makkawi added: “We are proud to have a solid business structure supported by an experienced and talented team, well-equipped to meet shareholders ambitions and the Board’s aspirations. The results of this focus have already become clear and we have started to reap the benefits of our strategy introduced in 2015. Each area of the Bank performed well, generating new recurring income. We also witnessed significant growth in total assets, diversification and improvement of income sources, and enhancement of liquidity levels.”

“Our listing on the Qatar Exchange remains a top priority and we continue to work closely with the concerned authorities to complete the listing requirements in the coming weeks.” He concluded.

Looking ahead, QFB management team is very well aware that there is still a great deal of work to be done on the bank’s journey to success. Despite the challenging global and regional economic conditions, the bank will seek to continue to identify and seize new, attractive opportunities, deliver excellence for both private and corporate clients, build a strong brand, and provide shareholders with robust returns.

QFB to host series of events in support of Qatar fifth national sports day

Employee families invited to compete in Family Sports Day Event at Aspire Park

Qatar First Bank (QFB), is an the independent Shari’ah compliant private authorised and regulated by QFC Regulatory Authority. QFB, dedicated to providing bespoke financial services and investment opportunities to High Net Worth Individuals (HNWI), corporate and institutional investors today announced the launch of “QFB Fit-Feb” a month long corporate wellness programme that includes a series of initiatives to mark Qatar’s fifth National Sports Day.

“QFB Fit-Feb” which will run during the month of February aims to encourage staff to adopt a healthy and active lifestyle and to reinforce the benefits such a lifestyle can bring to employees’ productivity and efficiency. Awareness will be raised through a series of daily health tips and seminars.

As part of the QFB Fit-Feb program, the bank will organize a family Sports Day, on 9th February at Aspire Park, for QFB employees and their families. This is an opportunity for all families to come together and participate in various sport competitions including a rowing competition, mini football tournament and many more.

Mr Ziad Makkawi, QFB’s Chief Executive Officer, added: “QFB Fit-Feb program is aimed at raising the employee’s awareness about the importance of embracing a healthy and active lifestyle. Studies have proven that regular exercise can improve mental performance and time management skills leading to a more efficient and productive workforce. We applaud Qatar’s initiatives in integrating wellbeing as a pillar of its National Vision 2030 and dedicating a day to raise the awareness of the nation on the importance of adopting a well-balanced lifestyle.”

Qatar’s National Sports Day is held annually on the second Tuesday of February, with the main objective of promoting a healthy lifestyle among the community. Private and public organizations throughout Qatar organize events to encourage the population regardless of their age or fitness levels involved in a competition or activity.

QFB launches its ‘Knowledge Excellence Series’

Bank launches high level series of speaker events, seminars and workshops for business community

Qatar First Bank (QFB), the independent Shari’ah compliant bank authorised and regulated by QFC Regulatory Authority. QFB is dedicated to providing bespoke financial services and investment opportunities to High Net Worth Individuals (HNWI), corporate and institutional investors, today announced the launch of its ‘Knowledge Excellence Series’.

The “Knowledge Excellence Series” is part of QFB’s wider Corporate Social Responsibility strategy that focuses on education and promotion of knowledge. This comes in alignment with Qatar’s National Vision of which education is a key pillar. The “Knowledge Excellence Series” is a platform to facilitate knowledge exchange among different segments of society through the hosting of regular speaker events, workshops, educational and lifestyle events focusing on a wide range of topics including finance, economics, investments, health, education and art.

To kick off the series, on 1st February, QFB will host, Financial expert Nili Gilbert, Co-Founder and Portfolio Manager for Matarin Capita with responsibility for hedge fund and long-only equity strategies, at its recently launched premium Private Banking Lounge. Nili is regularly invited to share her extensive investment insights on CNBC television network. She is a Chartered Alternative Investment Analyst (CAIA) and a Chartered Financial Analyst (CFA) with a BA from Harvard University, where she graduated magna cum laude in a Special Concentration in Economics and Social Studies, and an MBA in Finance from Columbia University, where she was a Toigo Fellow.

Nili was selected as a winner of the Toigo Bridge to Business 2011 award, and as a 100 Women in Hedge Funds 2013 Chartered Alternative Investment Analyst Scholar. She chairs the Finance and Investment Committees of the Board of Directors of the Synergos Institute, an organization founded and chaired by Peggy Dulany, the daughter of renowned American banker, David Rockefeller. Gilbert is also a member of the Council on Foreign Relations, where she sits on its International Affairs Fellows Selection Committee and its Term Member Advisory Committee.

Mr Ziad Makkawi, QFB’s Chief Executive Officer said: “Education is key in driving economic growth. Our “Knowledge Excellence Series” aim to support Qatar’s initiatives to become a knowledge based economy. Our intention is to develop a platform that will accelerate the transfer of knowledge and information sharing by bringing together industry practitioners and business leaders from the wider community.”

We hope that the business community find our first speaker event informative as Nili highlights how the current changing global landscape will impact investment decisions in 2016 and share insights into how investors are positioning their portfolios.”