Qatar First Investment Bank Trains Staff on Shari’ah Compliant Banking Practices

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

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.”