Qatar First Bank’s shares are listed on the Qatar Stock Exchange

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, has listed all its shares on the Qatar Stock Exchange (“QSE”) on the 27th of April 2016.

QFB and QSE management teams joined hands in launching the trading of the bank’s shares at QSE premises, in presence of Mr. Rashed Al Mansouri, Chief Executive Officer of Qatar Stock Exchange, Mr. Yousuf Al-Jaida, Chief Executive Officer of Qatar Financial Center, QFB’s Chairman Mr. Abdulla Bin Fahad Bin Ghorab Al Marri, QFB’s Chief Executive Officer Mr. Ziad Makkawi and the bank’s board members as well as a number of senior officials in the finance and business sector.

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

“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. It is an opportunity to broaden our shareholder base and offer new investors an opportunity to join us for the next phase of our journey.”

He added: “This significant milestone – the first listing of a Qatari entity licensed by the QFC and the first listing for a private entity in 6 years – will enable us to continue exploring and evaluating new opportunities that contribute positively to our shareholders value.”

He concluded: “I would like to take this opportunity to thank the QFMA and QSE leaderships, as well as their respected team members, for all their efforts in making this listing a reality. We look forward to continuing our cooperation with them to further strengthen Qatar’s financial market position.”

Mr. Ziad Makkawi, Chief Executive Officer, QFB said:

“The listing offers QFB the opportunity to join the rest of the banking community on the QSE, this will allow us greater visibility, tap into new client segments, and empowerment to deliver on our business plan.”

He added: “the transformation of QFB from an investment focused to an investor focused entity will continue across our main business lines: corporate & institutional banking, private banking & wealth management, treasury & investments, as well as alternative investments with a focus on private equity and real estate.”

He concluded: “We are in a new phase of growth for the bank, and the credibility associated with the listing will support us in this effort.”

Qatar First Bank welcomed visitors and media representatives to the bank’s private banking lounge

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, welcomed visitors and media representatives at its private banking lounge, in light of the imminent listing on the Qatar Stock Exchange on April 27th. The event presented an open platform to showcase a summary of the bank’s history and financial performance in addition to the most recent milestones shaping the bank’s future. The gathering was hosted by QFB’s Chairman, Mr. Abdulla Bin Fahad Bin Ghorab Al Marri, QFB’s Chief Executive Officer, Mr. Ziad Makkawi, and attended by the Chief Executive Officer of Qatar Financial Center (QFC), Mr. Yousuf Mohamed Al-Jaida.

Speaking at the event, QFB’s Chairman Mr. Abdulla Bin Fahad Bin Ghorab Al Marri, said:

“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. It is an opportunity to broaden our shareholder base and offer new investors an opportunity to join us for the next phase of our journey.”

He added: “This significant milestone – the first listing of a Qatari entity licensed by the QFC and the first listing for a private entity in 6 years – will enable us to continue exploring and evaluating new opportunities that contribute positively to our shareholders value.”

He concluded: “I would like to take this opportunity to thank the QFMA and QSE leaderships, as well as their respected team members, for all their efforts in making this listing a reality. We look forward to continuing our cooperation with them to further strengthen Qatar’s financial market position.”

For his part, Yousuf Mohamed Al-Jaida, QFC Authority CEO, said:

“QFB’s listing on the Qatar Exchange marks an unprecedented success for the QFC. QFB is our first licensed firm to go public and I am confident that this milestone will trigger more listings. The QFC remains committed to providing the right support to facilitate the success of its firms and empower its business community to further develop Qatar’s financial services sector.”

QFB’s Chief Executive Officer, Mr. Ziad Makkawi, noted:

“The listing will offer QFB the opportunity to join the rest of the banking community on the QSE, this will allow us greater visibility, tap into new client segments, and empowerment to deliver on our business plan.”

He added: “the transformation of QFB from an investment focused to an investor focused entity will continue across our main business lines: corporate & institutional banking, private banking & wealth management, treasury & investments, as well as alternative investments with a focus on private equity and real estate.”

He concluded: “We are in a new phase of growth for the bank, and the credibility associated with the listing will support us in this effort.”

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. Since its establishment, QFB has benefited from a strong shareholder base; 50.49% represents institutional investors including banks, pension and governmental funds, and corporates from different business sectors, and 49.51% represents individual investors including high-net-worth individuals from Qatar and across the wider spectrum of the GCC region.

QFB income generating businesses 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. Between 2010 and 2014, net income grew at a 19.4% CAGR (compounded annual growth rate). Despite the volatile market conditions and uncertainties, and the management investment decisions to grow and expand the bank’s offerings and product ranges, QFB maintained a strong financial performance in 2015 with a total income of QAR 336.5 million and a net income of QAR 66 million. Total assets have grown over the past three year (3Y CAGR 38.7%) driven mainly by the Bank’s new strategy of focusing on enhancing its banking operations to include deposit taking and lending facilities. The key growth drivers of total assets in FY15 were cash and cash equivalents, investments carried at amortised cost (sukuk) and financing assets led by the increase in deposits.

Source: Audited Consolidated Financial Statements

Since establishment QFB has strived to maximize return on shareholders’ investment and has participated in more than 20 transactions as of December 2015 of which seven have been successfully exited and generated attractive returns to shareholders.

Additionally, QFB has closed a number of successful transactions across Qatar, the GCC, Turkey, UK, and other cities in various sectors including healthcare, energy, consumer, finance, real estate, industrial and insurance sectors with c. QAR 1.3 billion in invested capital. The carrying value of these investments as of December 2015 was in excess of QAR 1.8 billion.

Strong asset growth

Source: Audited Consolidated Financial Statements

Building on its successful investments, the Bank expanded its offering to banking services resulting in substantial growth in assets at 39% CAGR between 2012 and 2015 to c. QAR 5.9bn.

QFB’s upcoming plans stand on major developments during 2015, which included the unveiling of its new brand which encapsulates its commitment to delivering excellence, the launch of its exclusive Private Banking business line, symbolized by the opening of its lounge. This new activity provides innovative wealth management solutions at the highest standards of governance and transparency.

Reaping the benefits of the Bank’s strategy and successful results across all business lines, 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. Additionally, the bank’s Alternative Investments division has been awarded ‘Best Shari’ah Alternative Investment Platform 2016’ from Wealth & Finance International Magazine Alternative Investments Awards marking the hard work and efforts of the QFB team. Finally, The Asset, Asia’s leading financial publication for issuers and investors, honored QFB the awards of ‘Bank of the Year, Qatar’ and ‘Best Private Bank, Qatar’ from The Asset Triple A Islamic Finance Awards 2016. The esteemed internationally recognized awards came on the heels of QFB’s several milestones across its businesses during 2015.

Looking ahead, QFB’s management envisions that the global economic backdrop will remain challenging specifically as the GCC region adjusts to lower oil prices and slowing economic growth. In spite of these challenges, the bank will continue adopting an opportunistic outlook to source viable investment opportunities that surface in such market conditions in order to generate sound returns for the Bank and create value for shareholders. The long awaited listing of QFB is bound to have a positive impact as the QFB brand gains more credibility and a wider recognition.

QFB continues to have an attractive pipeline of deals targeted for completion during 2016 and 2017. The team of banking professionals 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 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.