Category: News

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.

Qatar First Bank, Qatar’s first independent Shari’ah compliant bank authorised by the QFC Regulatory Authority received the Islamic Finance News (IFN) Qatar Deal of the Year award 2014.

Bringing together over 400 regional and global industry professionals from around the world, the prestigious annual Deals of the Year ceremony event was held at the Ritz Carlton Hotel –DIFC in Dubai. The gala ceremony celebrated achievement among top Islamic bankers, issuers, advisors and Islamic banking and finance institutions.

QFB acted as a Co- Arranger for Ezdan Holdings Group’s first tranche of its USD 500 mn debut syndication in April of last year. The transaction is considered the first fully Shari’ah compliant international syndication Ijarah for Qatari corporate in the real estate sector. The deal attracted a number of local and international banks and was led by Barwa Bank.

Commenting on this recognition Ahmad Meshari, Acting Chief Executive Officer of QFB said: “We are very proud to have received this distinguished award. The award is a testament to the combined efforts that has been put into this landmark transaction. QFB is pleased to have participated in this first of its kind transaction that met Ezdan Holdings objectives while demonstrating the ability of Islamic Banks in Qatar to handle complex Islamic financing structures.”

The Islamic Finance news Awards is well recognized in the Islamic financial industry. It is considered one of the highly credible awards by the global Islamic capital markets. Nearly 30 transactions were nominated for the 2014 IFN Deal of the year, winners were selected on the basis of comprehensive selection criteria including structure, location, and deal size amongst other.

Addressing entrepreneurship amongst the young generation in Qatar and other GCC countries, the second Entrepreneurship in Economic Development forum will be hosted by the College of Business and Economy at Qatar University. The forum which will take place on March 2-3 is held in collaboration with the Interactive Business Network (IBN) and Qatar Ministry of Economy and Commerce.

QFB, a QFCRA authorized bank is sponsoring the 2-day event themed “Fostering the New Generation of Entrepreneurs in Qatar and the Gulf”. The forum is held under the patronage of H.E. Sheikh Ahmed bin Jassim Al-Thani, Minister of Economy and Commerce.

Ahmad Meshari, QFB Acting CEO commented: “Our support to this forum falls under the Al Rowad initiative objectives which aims to reinforce academic outcomes and equipping young generations with skills and know-how paving the way to build a knowledge-based economy.” He added “Such a platform enables business leaders to share insights and transfer their knowledge to the youth inspiring innovation and encouraging entrepreneurship”.

The event program will feature a series of panel discussions, workshops, and case studies where industry leaders from Qatar and abroad will provide insights on the latest concepts and practices shaping entrepreneurship. Topics will include developing entrepreneurial culture and skills in GCC countries; supporting entrepreneurs by creating a healthy eco-system; and fostering the spirit of entrepreneurship in the younger generation.

Qatar First Bank’s (QFB), Qatar’s first independent Shari’ah compliant bank authorised by the QFC Regulatory Authority, announced the conclusion of its annual Corporate Wellness Program by hosting a sport day to mark the 4th Qatar National Sports Day.

QFB’s Corporate Wellness Program included for the second year the B Active Challenge which is done in collaboration with “step into health” by Aspire. The month long competition follows Step into Health by Aspire program where employees were encouraged to lead an active life by walking at least 10,000 steps a day which is considered by health practitioners to be the benchmark whereby an individual is considered to be active. Employees were given pedometers to count their steps.

The employees’ level of activity was monitored through the step into health website where each staff member downloaded the steps registered by their pedometers or their smart phones application on a weekly basis. A new feature was added to the App this year which aims to help participants in striking the right balance between consumed calories versus burned ones.

Mohamed Al Sahli, Head of Communications at QFB said “We conclude our month long Corporate Wellness Program as the nation celebrates the annual Qatar National Sports Day. Our B Active Challenge this year was another success. More employees joined this year and the challenge was well received since it helped them in adopting a healthier lifestyle in a way that is smoothly integrated within their daily activities.” He added “We thank Aspire Foundation for their ongoing support and we will be looking forward to launching more initiatives that aim to raise awareness on the importance of embracing an active lifestyle which positively contributes to the overall health and well-being of our employees.”

To mark the fourth Qatar National Sports Day QFB hosted an outdoor staff event that involved a mini-Football tournament. In addition the winners of the B Active Challenge were announced and were awarded with gifts during the event.

Qatar First Bank (QFB), Qatar’s first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority announced the acquisition of a 49% stake in Food Services Company (FSC). FSC is a leading Food & Beverages company that operates a 16-branch network of 5 brands: Opera Patisserie, Opera Café, Opera Catering, Take Away and Kanafji.

The acquisition marks QFB’s second investment in the Food & Beverages sector and the fourth in the Qatari market demonstrating QFB’s dedication to sectoral and geographical diversification.

Ahmad Meshari, QFB Acting CEO commented, “From the outset, our investment strategy focuses on sectors that are expected to benefit from macroeconomic growth. The F&B sector in the Qatar is projected to maintain its historical growth driven by robust macroeconomic fundamentals and population growth. We look forward to working with FSC and assisting them in implementing their ambitious expansion plan.”

Ihab Asali, Head of QFB’s Private Equity Department commented, “We are pleased to be partnering with FSC which has a proven track record of growth and innovation. We believe that FSC is well positioned to capitalize on the future growth expected to take place.”

FSC was established in 1997 in Doha by Qais Al Saleh, is one of the first home-grown and branded F&B concepts that still exists today. FSC has witnessed significant growth since inception growing from 1 branch in 1997 to having a 16 branch network as of 2014. Through its household brands, FSC offers different menu selections to appeal to a wide range of tastes, in addition it provides catering services to corporates and individuals.

Qais Al Saleh, Chairman of FSC, commented, “We are very pleased to welcome QFB as a shareholder in FSC. We are confident that QFB will be able to unlock value, streamline operations and be a catalyst of future growth”

Mubarak Al Groon, Founder, Partner and General Manager of FSC stated, “We are very proud of the historical growth that FSC has been able to achieve. Furthermore, FSC will leverage upon its leading market position to further roll-out new branches of its various brands across the State of Qatar.”

Deloitte acted as the exclusive sell side financial advisor to the deal.

The F&B sector is experiencing rapid growth in the MENA region in general and Qatar in specific driven by growth in population and disposable income. Qatar’s food consumption increased at a CAGR of 8.8% between 2004 and 2010, having the highest rate among GCC countries. Furthermore, Qatar’s population is expected to grow at a CAGR of 4% between 2012 and 2017, the highest among GCC countries.