QFB inaugurates their exclusive Private Banking Lounge & unveil new brand

QFB inaugurates their exclusive Private Banking Lounge & unveil new brand

Qatar First Bank (QFB), the first independent Shari’ah compliant financial institution regulated by the Qatar Financial Centre Regulatory Authority (QFCRA), announced today the launch of its exclusive Private Banking Lounge, the unveiling of its new brand and future strategic direction.

Established in 2009 as a boutique investment bank QFB has since then evolved and implemented a new business strategy. Capitalizing on the growing demand for Shari’ah compliant banking and catering to the growing wealth market in the region, QFB now combines the best of a Private Bank with bespoke investment solutions to manage, grow and diversify wealth.

QFB’s new brand encapsulates the bank’s commitment to deliver excellence. The new logo is based around the Arabic word for “First”, which underlines QFB’s status as the region’s first truly Shari’ah compliant private bank. QFB is focused on nurturing sustainable partnerships based on confidence, trust and discretion. As a trusted financial advisor, QFB puts the clients’ best interests first, delivering innovative, personal and original financial solutions to help them manage their private wealth.

QFB’s Private Banking Lounge is a testament to the Bank’s commitment to assure its clients that they will enjoy Private Banking services in a unique environment that evokes trust, professionalism, privacy and exclusivity. Located at Suhaim bin Hamad Street, in Al Sadd QFB’s Private Banking Lounge serves as an icon in enhancing the bank’s image amongst its stakeholders.

The design of QFB’s exclusive Private Banking Lounge conveys modernity built on traditional foundations. The design combines architectural cues, grand spaces and craftsmanship with elements of contemporary features that QFB’s private clients will have experienced in luxury venues. QFB’s unique Private Banking Lounge promises to become the destination of choice for those aspiring for excellence and who wish to conduct financial transactions in a comfortable and opulent surrounding.

QFB will offer Private, Corporate and Institutional clients with private banking services complemented by corporate and alternative investment offerings. Together, this comprehensive portfolio of services will enable QFB to present its clients with unique and exciting opportunities to grow their wealth, finance their businesses and participate in lucrative investment propositions identified through the bank’s extensive market intelligence and professional network. QFB has a successful track record of sourcing and executing value adding transactions, which will give confidence to clients that the Bank has the required skill and experience to manage their wealth.

QFB’s Chairman, Abdullah bin Fahad bin Ghorab Al Marri, said: “I look at QFB’s achievements with pride. In spite of the economic and political turmoil in the region, we have managed to maintain a sound financial position since our inception. Today we build on our success as we launch a new dimension in Shari’ah compliant private banking. A private bank that will uphold the highest levels of integrity and capitalize on the growing demand for Islamic finance to offer Qatar’s private clients with world class financial solutions to preserve and grow their wealth in a unique and exclusive environment. We have and will always remain committed to deliver excellence to our clients in all aspects of business,”

Islamic finance which has proven its resilience against economic headwinds is on a constant growth path. According to a recent report by ratings agency Standard & Poors, Islamic finance assets worldwide currently exceed $2 trillion, following a decade of 10-15% growth on average. Current projections indicate that this will grow to $3 trillion by 2019.

Ziad Makkawi, CEO of QFB commented: “QFB is evolving its business model from merely focusing on maximizing returns for its own portfolio to a more outward client focused institution making its expertise and deep knowledge in the financial markets available to private, corporate and institutional clients. We will continue on building on our strong track record in the alternative investment space and open these opportunities to our clients to support the growth and diversification of their wealth.”

Ziad continued: “The wealth market of the region has been witnessing considerable growth over the past five years. It is estimated the number of wealthy households in the region is between 1.5 to 1.6 million with a total investable assets of around $2.2 trillion. This represents a long term opportunity and we are here to tap into this market.”

According to a study undertaken by Strategy& formally known as Booz & Company over the past five years, the GCC market has doubled its total private wealth from $1.1 trillion to $2.2 trillion growing at an annual rate of 17.5% driven by favourable microeconomics and socio-demographic factors.