Qatar First Investment Bank AGM hails a year full of achievements

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.”

Qatar First Investment Bank sponsors “Al Joud” Exhibition: organized by Fanar Centre for world-renowned calligrapher Salah Arbili

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.

Qatar First Investment Bank sponsors Private Equity International Middle East Forum 2011

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.

QFIB welcomes INJAZ Qatar students at its Headquarters

QFIB today welcomed at its headquarters female students from Ruqaya Preparatory Independent School for the conclusion of the specially-designed Personal Economics course, an INJAZ initiative

Qatar First Investment Bank (QFIB), Qatar’s independent Islamic investment bank, today welcomed at its headquarters female students from Ruqaya Preparatory Independent School for the conclusion of the specially-designed Personal Economics course, an INJAZ initiative that is designed to prepare students for professional life. The visit is in line with QFIB’s support of INJAZ Qatar and commitment to the education and development of Qatari youth.

Over 30 young girls, accompanied by Mrs. Mariam El Emadi, Headmistress of Ruqaya Preparatory Independent School were welcomed by QFIB Chairman and INJAZ Qatar Board Member Abdulla bin Fahad bin Ghorab Al Marri. Also present were and Fayza Saad Mehanna, Principal Advisor and Zeina Hasabani, Program Manager of INJAZ Qatar.

“We are pleased to welcome the students of Ruqaya Independent School. QFIB’s partnership with INJAZ provides us with the opportunity to transfer our business skills and professional knowledge to the younger generation to help better prepare for their future,” commented Mr. Al Marri. “Our enthusiastic staff volunteers very much enjoy interacting with the youth of Qatar and nurturing this growing talent,” he added.

The Personal Economics course covered career planning, C.V. writing, interview techniques and personal financial management. The students started with a tour of Al Jazeera Finance, of which QFIB owns a stake. They were greeted by the CEO Khursheed Hassan who gave them a short presentation on Al Jazeera Finance, its products and services.

“I am thrilled to participate and assist in QFIB’s initiative with INJAZ,” said Mr. Hassan. “Understanding personal finance at a young age will be an advantage for these students as they mature and begin their professional lives,” he added.

The students then toured the QFIB offices, where they met with senior Bank executives.

“We thank QFIB for arranging this visit. This is a great opportunity for students to relate what they have learned in personal economics to a real professional environment. It also gives them a chance to explore the financial sector and what employment opportunities exist,” said Mrs. El Emadi. “This is the second year we offer INJAZ courses at the school. The volunteers are role models for our students and motivate our student to succeed.”

QFIB partnered with INJAZ in October of 2010, committing the heads of the various business units at QFIB to deliver INJAZ educational programs focused on work readiness, financial literacy and entrepreneurship. QFIB Founder & Chairman Abdulla bin Fahad bin Ghorab Al Marri, joined the INJAZ Qatar Executive Board in December of 2010.

INJAZ Qatar is part of INJAZ al-Arab, a division of Junior Achievement Worldwide, the world’s largest organization dedicated to educating students about entrepreneurship, work readiness, and financial literacy through fun, experimental, hands on programs