Qatar First Bank Holds Annual General Assembly Meeting

Sheikh Faisal bin Thani Al Thani: QFB improved its balance sheet and overall liquidity position in 2020 thanks to increasing operational efficiency and expenditures rationalization.

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ) held its Annual General Meeting (AGM) on Monday 5 April 2021.

Due to an incomplete quorum, QFB’s Extraordinary General Assembly Meeting (EGM) was adjourned to Monday 12 April 2021 at 3:30pm and will be held virtually via Zoom.

The Annual General Assembly Meeting (AGM) was held virtually via Zoom, and was chaired by Sheikh Faisal bin Thani Al-Thani, QFB’s Chairman, with the attendance of the Board members, Bank’s shareholders, and senior management team.

Addressing the Annual General Meeting, Sheikh Faisal bin Thani Al Thani, said: “Qatar’s response to the pandemic-related challenges in 2020 was truly exceptional, having taken timely measures to navigate both economic and healthcare challenges wisely, while providing relief measures to all business sectors during these challenging times.”

Sheikh Faisal added: “QFB’s relentless efforts to implement strict internal controls, increase operational efficiency and rationalize expenditures, led to an improved performance, and in reducing overall expenses by 6.9%. In addition to a sustainable fee income stream, a drop in funding costs and with a better managed deposits book, have all helped improve the bank’s balance sheet and overall liquidity position.”

“QFB has successfully emerged with a clear vision, and a mission to continue to add value to our shareholders and clients. QFB’s judicious move to shift towards a new operating model that invests in risk-adjusted yield-generating investment products, has generated growth. Our products have helped investors to access the US real estate market through a shari’ah compliant platform which garnered an overwhelming response. The success achieved, and which reflects on all our financial indicators, comes as a result of our effective measures related to corporate governance, in addition to our clear strategic direction, and sourcing of profitable investments, as well as our prudent risk management and well-disciplined execution and monitoring processes.” concluded Sheikh Faisal.

In 2020, QFB continued to achieve strong growth for the year ending 31 December 2020, having managed to reduce its overall net loss by 24%. The bank recorded a net loss of QAR 226.7 million for 2020, compared with a QAR 298 million loss for 2019. QFB ended 2020 successfully by posting a net profit of QAR 1.2 million in its fourth quarter, with product fees and commissions being the main contributing factors.

The AGM discussed and approved all items on its agenda, in addition to the business plan for the financial year of 2021, as below:

    • AUDITED FINANCIAL STATEMENT AND EXTERNAL AUDITOR’S REPORT

The General Assembly approved the audited consolidated financial statement for the year ended on 31 December 2020 and approved the external auditor report.

      • ANNUAL REPORT

The General Assembly approved the annual report for the year ended on 31 December 2020.

      • DISCUSSION OF DIVIDEND AND OPTIONAL RESERVE

The General Assembly approved the recommendations of the Board of Directors regarding non-distribution of dividends and not taking an optional reserve for the financial year ended 31 December 2020.

      • RELEASE FROM LIABILITY OF THE DIRECTORS

The General Assembly approved discharging the Board of Directors of any liability in relation to their duties and responsibilities for the financial year ended 31 December 2020 and approved the board’s recommendation not to provide remuneration to the board for the same period.

      • CORPORATE GOVERNANCE REPORT

The General Assembly approved the annual corporate governance report for the period ended 31 December 2020, including the external auditors report on the effectiveness of the design, implementation, and operation of ICOFR and compliance with QFMA rules and regulations.

      • MAJOR TRANSACTIONS

The General Assembly approved major transactions report for the period ended 31 December 2020.

      • EXTERNAL AUDITOR

The General Assembly approved to renew the appointment of Ernst & Young as the Bank’s external auditor for the year of 2021 and approved their fees.

Qatar First Bank Launches Mobile Banking Application to Enhance Clients’ Banking Experience

The launch of QFB Mobile App comes in line with the Bank’s digital transformation strategy and in response of the investment and financial needs of QFB’s gowning client base in Qatar and abroad

The QFB Mobile App now allows clients to manage most of their investment needs remotely

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ), launched its mobile banking application; the QFB Mobile App, in line with its commitment to digitize its services and to offer its clients the most convenient channels to efficiently manage their investment and financial needs, from anywhere in the world and at any time.

The QFB Mobile App is the first banking application in Qatar to be hosted in Microsoft’s Azure cloud, the global cloud computing service that guarantees ultimate levels of security and data protection compliance for all users of the application in Qatar and around the world.

Commenting on the launch of the QFB Mobile App, Ayman Zaidan, Deputy CEO & CIO, said: “We are happy to announce the official launch of our first mobile banking application, in line with our ongoing efforts to digitize our services, and to offer all our clients the fastest and best channels to fulfill their investment needs at all times and from anywhere in the world.

The launch of the QFB Mobile App is indeed a milestone and testament to our commitment in implementing our digital transformation strategy, to continuously respond to the financial needs of our clients , and to cement our position as a leading Shari’ah compliant investment bank in Qatar.”

QFB clients will have access to their Investment portfolio, details, and balances, in addition to viewing all their transactions and profit earning history. The application also allows users to access their live and closed assets holdings, assets allocations and earnings key performance indicators related to their investments.

QFB clients can also submit all their outward transactions and general requests  to the Bank via the QFB Mobile App without any need to contact their relationship managers. The mobile application also allows QFB clients to get instant updates on the status of their investments dividends distribution, personalized offers and generate accounts and investments statements

Lana Khalaf, Country Manager, Microsoft Qatar, said: “Qatar is undergoing a major transformation across industries by harnessing technology to deliver smart experiences to citizens and residents in the state.

Being home to the region’s largest financial institutions, Qatar’s financial sector is reinventing itself with the power of Cloud & AI to continue paving the way of innovation regionally and globally. QFB’s latest mobile banking service is a testimony of the sector’s progressive vision to deliver next gen banking experiences to their customers with the Microsoft Cloud”

Mohammed Al Arrouqi, QFB’s Head of IT said: “The launch of our mobile banking application comes following a successful year for QFB in 2020, in which we saw a significant increase in our client base which imposed the need of a digital channel to enhance our clients digital experience. Microsoft Qatar, in collaboration with its partner Advancya, was able to empower Qatar First Bank in its digital transformation journey. QFB will continue working to enhance the functionalities of its various digital channels, and we will remain committed to offering the best investors’ experiences and services to all our clients in line with our ambitious business strategy and in response to all the needs of our clients in the digital area.

The app is available on App Store, Google Play, and Huawei AppGallery, and in both Arabic and English, the QFB Mobile App now provides QFB clients an alternative mean to relying on traditional banking channels to manage their transactions, investments and to communicate with their  relationship managers through the application .

Qatar First Bank Announces Successful Exit of CMRC Limited

The Bank has successfully exited the regional private equity investment for USD $ 31.5 million.

QFB plans to continue identifying new regional and global investment opportunities in line with its investment diversification strategy.

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on Qatar Stock Exchange (QSE: QFBQ), has announced its successful exit from CMRC Limited, one of its private equity investments in the Middle East.

The Bank has announced the successful exit of its USD $ 31.5 million investment in CMRC Limited and achieved a net IRR (internal rate of return) of 19%.

In 2015, the Bank acquired an adjusted stake of 13.5% in CMRC Limited, the leading medical rehabilitation center in the Gulf region. The company’s turnover has increased from USD $ 15 million in 2015, to more than USD $ 54 million in 2020.

The successful exit of QFB’s investment in CMRC Limited comes in line with the bank’s strategic decision to further strengthen its liquidity provision, balance sheet and to focus on exploring further investment opportunities. The Bank’s recent transaction also comes in line with its plans to explore new markets and industries, and to expand its investments to new locations and regions around the world.

Commenting on the successful exit, HE. Sheikh Faisal bin Thani Al-Thani, Chairman of QFB, said: “We are happy to announce our successful exit from one of our legacy private equity investments in the region. The good business performance that the project enjoyed over the past years, and with the return on investment we have made from selling our shares in CMRC Limited, makes this investment a standout achievement for the Bank.”

Sheikh Faisal added: “Being able to achieve such profitable outcomes with a good return on investment in this project within the general atmosphere marked by business uncertainty in light of the COVID-19 pandemic, is testament to our experience and knowledge in investment “.

Mr. Abdulrahman Totonji, QFB’s Acting CEO said: “As we conclude our presence in this investment, QFB remains committed to strengthening its investment portfolio in Qatar, regionally and globally. We will move forward with our ambitious investments strategy, by accessing new and promising markets, while gradually reducing its dependence on limited markets and industries.”

Mr. Totonji added: “As the business world is witnessing a gradual recovery, we will continue focusing on investments that promise sustainable profitability, growth and risk adjusted returns while keeping a disciplined approach in managing our liquidity and to ensure we are well placed in navigating any market uncertainties.”

QFB has recently announced its financial results for the 2020 fiscal year. The Bank posted a net profit of QAR 1.2 million in the fourth quarter of the year and has reduced its overall annual net loss by 24% compared to 2019. The bank has also recorded an improved performance despite the circumstances related to the pandemic, achieving a 6.9% reduction in overall expenses in 2020.

 

QFB Annual General Meeting Assembly and Extraordinary General Meeting Assembly

Registration Process for shareholders and proxies
In compliance with the guideline’s issues by Ministry of Health in order to limit the spread of corona virus pandemic, the Annual General Meeting and Extraordinary General Meeting of QFB will be held virtually using Zoom application.

Extraordinary general meeting 05th April 2021 4.30pm
Annual general meeting 05th April 2021 5.00pm

Further to the invitation of QFB to attend the Annual & Extraordinary General Assembly meetings which was published in the newspaper on 12/03/2021 please note the below.

Shareholders, or their proxies, will be required to send a copy of the following documents to the email address: [email protected] OR can visit QFB head office in Al Sadd in order to handover the below set of documents

  • Copy of an identification document (Qatar ID or passport)
  • NIN number at Qatar Stock Exchange
  • Copy of the duly completed proxy form (In case the shareholder is represented by another shareholder) Proxy form can be downloaded from here
  • For corporate shareholders: Copy of the authorization letter appointing them as a representative of said corporate shareholder, Commercial registration (Latest printed date) and Computer Card of the company and the proxy form should be signed by the authorized signatory and company stamp must be affixed. Authorization template can be downloaded from here

Shareholders who wish to attend the virtual meeting must send the above information and documents at least one day before the AGM/EGM.

Once all the documents are verified ZOOM link will be shared with the shareholder or the proxy through e-mail (2 hours before the AGM/EGM meeting). Further an additional link will be shared to download ZOOM software.

Once the shareholder/ Proxy received the link they need to access the link prior to the AGM/EGM start time and verify their identity (by showing the QID/ passport) to enter the meeting.

During the meeting, shareholders or their proxies can raise their questions by raising hand OR sending them through CHATBOX

In case a shareholder or a proxy has an objection to one of agenda items, they will be able to use ‘Raise Hand’ option to express their objection.

If a shareholder or a proxy does not object, the vote will be considered as the approval of the agenda item.

To get more details on the above registration procedure please call: +974 4448 3596 (Weekdays between 9am to 3pm). Please refer QFB web site/Investor Relations/General Assembly section for further updates

Qatar First Bank announces full year financial results

• Full year net loss reduced by 24%
• QAR 1.2 million net profit recorded in Q4 attributable to equity holders of the bank
• Total expenses reduced by 6.9%
• Product related income and other income increased by 58% & 17% respectively

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange (QSE) has released its financial results for the fourth quarter and year ended 31 December 2020.

Despite challenging market conditions QFB continued to exhibit strong growth momentum for the year ending 31 December 2020 by reducing its overall net loss by 24%. The bank recorded a net loss of QAR 226.7 million for 2020 compared with a QAR 298 million loss for 2019. QFB ended the year strongly by posting a net profit of QAR 1.2 million in the fourth quarter with product fees and commissions being the main contributing factors. QFB’s efforts to implement strict internal controls, increase operational efficiency and rationalize expenditures led to the improved performance and a 6.9% reduction in overall expenses. In addition to a sustainable fee income stream, a drop in funding costs along with a better managed deposits book helped improve the bank’s balance sheet and overall liquidity position. A testament to its accelerated growth, QFBs share price outperformed the market, delivering greater value to its shareholders and investors base.
Sheikh Faisal bin Thani Al-Thani, QFB Chairman, commenting on QFB’s 2020 financial performance:

“Despite COVID19’s negative impact on investor confidence, QFB’s performance in 2020 improved and is heading in the right direction. We are pleased with the bank’s achievements and enhanced financial indicators. Our vigilant measures on corporate governance, clear strategic direction, sourcing of profitable investments, prudent risk management framework and a well-disciplined execution are bearing fruit.”

QFB remain focused on executing its adaptive strategy while implementing its well-disciplined approach to managing investments and liquidity in order to drive sustainable growth and value creation. The bank’s investment arm performed exceptionally well during 2020 acquiring a stream of high-quality Real Estate assets and was a driving force behind its fourth quarter profit. These assets received an overwhelmingly positive response from investors with most investment products being fully subscribed in a matter of days.

The transformation the bank underwent as the new management took reins yielded very positive results. Looking ahead, QFB intends to cement its position as a leading investment product provider in Qatar focused on delivering innovative financial solutions. The entire team is committed to keeping the upward trend going and is gearing for greater heights in 2021.

Qatar First Bank acquires The HQ of “Huntsman International” located in Texas

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange, has completed the acquisition of Waterway Plaza I, a class A+ office tower spanning more than 223,0000 square foot located in suburban Houston, Texas, USA. Waterway Plaza I marks QFB’s first acquisition for the year in the USA, following only by a matter of days the bank previous acquisition of the Lulu Al Messila Hypermarket in Qatar.  Growing ever more QFB income-generating real estate portfolio open to client investments, Waterway Plaza I has already attracted sizeable commitments from the bank’s trusted customer base and the investment will remain open for subscription until March.

Waterway Plaza I is an immaculate and truly stunning Class A+ building located in the Woodlands, the most desirable suburban area of Houston. A testament to its architectural merits and spectacular design, the office tower was awarded the 2012 TOBY (“The Outstanding Building of the Year”) award for best mid-rise. The glass and aluminum façade of the 9-story property offers an incredible panorama of the Woodlands Town Center and its penthouse with full-height glazing was designed to maximize the views of the water canal, offering an expansive vista of Woodlands Waterway and its wooded surroundings. Impeccably maintained and constantly improved by its current tenant in place since 2004, Waterway Plaza I serves as the headquarters for Huntsman International, a multi-billion manufacturer of chemical products and a Fortune 250 company. Huntsman, one of the leading US marketer of performance products and adhesives, counts among its customers the likes of BMW, Procter & Gamble and Unilever.

Commenting on the acquisition, Sheikh Faisal bin Thani al Thani, Chairman of the board said: “I am happy to see QFB’s offering getting some traction. In 2020 we planted the seeds of the turn-around strategy. It was a test year for the bank and I think we succeeded.  In 2021 it’s time to be more proactive. It’s time for QFB to accelerate a bit, and to present more opportunities to the market”

QFB continues to handpick the best income-generating investments to offer its trusted personal clients international opportunities usually only accessible to select institutional investors. These investments are available through a Shari’ah-compliant platform.

Commenting on the acquisition, Mr. Abdulrahman Totonji, Acting Chief Executive Officer said: “Another acquisition and another success I predict for the bank and our customers. We already have syndicated a good portion of the offering only relying on word of mouth. All of this within a few days of the new year and before going officially to market. We spend sleepless nights securing what we believe are the very best investments offered in Qatar, and it’s good to see our efforts being recognized. We take our fiduciary duty towards our clients very seriously, we have a vision and the bank is working tirelessly to make it reality.”

This investment opportunity is offered on private placement basis to “Qualified Investors” meeting the investment eligibility requirements in accordance with the rules and regulatory requirements of QFC Regulatory Authority (QFCRA).

Qatar First Bank acquires LULU Messila hypermarket building with its intention to establish a strong local presence in the Qatari Market

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on Qatar Stock Exchange (QSE: QFBQ), announced the completion of QAR 262.5 million acquisition of the retail hypermarket building in Messila thereby cementing the Bank’s presence within the local real estate market.

The property is currently fully occupied by Lulu as a fully fledge Hypermarket located at Jassim Bin Hamad Street south of Madinat Khalifa – Messila, Doha with a built up area of 44,611 sqm. Built over 4 floors, the property offers a total of 299 parking slots providing ample convenience to Lulu for a successful retail hypermarket operation. The property was built to suit in 2016 and is 100% occupied under a triple net (NNN) 20-year locked lease, with 16 years .

HE Sheikh. Faisal bin Thani Al-Thani, QFB Chairman commented“This Sharia-compliant acquisition is an imperative phase for QFB that further strengthens its presence and position within the local Sharia-compliant real estate investment market in line with its diversification strategy in both asset class and geography. The acquisition also highlights QFB’s commitment to invest in quality real assets in the Qatari market as well as QFB’s renewed focus on direct ownership of Qatari real estate as new regulatory easements for Qatar Financial Centre (QFC) registered companies come into play.”

LuLu Hypermarket Trading Co. W.L.L, the fastest growing retail chain in Qatar, has developed a dominant position in the retail sector, providing a unique shopping experience to its valued customers specializing in foodstuff and consumers staple goods – One stop shop (food, produce, electronics & home appliances). Since it opened its first hypermarket in 2000, Lulu has gathered a strong and loyal client base, and the chain has recently celebrated its exponential growth by opening its 14th store in Doha.
Qatar First Bank’s decision to acquire the LuLu Messila Hypermarket building stems from its rigorous asset screening process. To start, investors in this product offering will enjoy an above market annual yield in a defensive asset by nature while simultaneously positioning themselves for an exit in an asset that has outperformed irrespective of the macroeconomic factors it operates in.

Commenting on the acquisition, QFB’s ACEO Abdulrahman Totonji“This acquisition cements QFB position as a serious contender not only in the US Real Estate Sharia-compliant investment market, but also in the domestic market. QFB is very selective when it comes to deal selection and this local Qatari real estate investment opportunity checked all the investment and risk boxes. QFB has a healthy pipeline of deals that not only supports the Bank’s unique market position but also delivers value for all of our clients and shareholders.”

QFB concluded a remarkable 2020 despite the year being one of the most economically challenging the world has recently experienced. As a result of QFB’s prudent risk management framework and diversified investment portfolio, the Bank continues to thrive amid the economic uncertainties. In 2020, QFB completed a few significant acquisitions in the US real estate market namely The Grand 2 at Papago Park Center, BSN Sports’ HQ Building “Varsity Brands” located in Texas, and 90 North Corporate Campus located in Seattle Washington while successfully exiting its second Sharia-compliant aviation investment deal.

As always QFB continues to hold true to its commitment to present the best in class, highly-vetted, cherry-picked Sharia-compliant investments to its clientele and aims to pursue further deals in Qatar going forward as it believes the Country is well-positioned for prosperous years to come.

Qatar First Bank Announces Acquisition of The Grand 2 at Papago Park Center – A Class A Office Building Fully Leased by DoorDash Inc.

Qatar First Bank LLC (QSE: QFBQ) today announced it has acquired The Grand 2 at Papago Park Center, a 358,800 square foot newly completed state-of-the-art Class A office building that is 100% leased to DoorDash under a 15-year triple net lease (NNN), located in Tempe, Arizona –  United States, part of the metro Phoenix market.

HE Sheikh. Faisal bin Thani Al-Thani, QFB Chairman commented: “This transaction cements QFB’s new fee-based income business model, implemented to enhance QFB’s investment management strategy, and further strengthens its Shariah-compliant US Real Estate Portfolio. The new strategy continues to invest in handpicked Sharia-compliant real estate assets that provide highly stable income to investors as well as upside potential.”

Developed and managed by Lincoln Property Company, The Grand 2 is comprised of a nine-story, best in class, LEED Silver certified building built in 2020 and a seven-level parking structure providing 1687 parking spots. The Grand 2 has the capacity to house approximately 2000 DoorDash employees, making it the company’s largest facility. Located within Papago Park Center, a 350-acre, mixed use development spanning 2.6 MSF, the area is a hotbed for multifamily development with 1,316 units and the exquisite high-end Papago Hills retail center, providing a plethora of on-site restaurants for tenants.

DoorDash is a highly renowned American technology company founded in Palo Alto, California, “Silicon Valley”. Doordash went public on the second week of December this year and priced its IPO at $102 per share, well above initial expectations. The stock opened for its first day of trading on December 09 at $182 and closed at 189.51, 85.8% above its IPO price reflecting a market value of $60bn. DoorDash was founded by Stanford University Students in 2013 and has come a long way to become the leading on-demand prepared food delivery service that uses proprietary data and logistics services. DoorDash serves 4000 cities and operates in the United States, Canada and Australia.

In 2019, DoorDash’s revenue was $900 million and has been gaining market share in 2020 despite CoVid-19. DoorDash took the first spot of the food delivery in the USA in terms of total industry sales reaching 48% as of June 2020, surpassing the likes of Uber Eats, Grubhub and Postmates. Furthermore, DoorDash recently announced a multiyear marketing partnership that makes it the official on-demand delivery platform of the National Basketball Association “NBA”, WNBA and NBA 2K League.

DoorDash’s revenue for the first nine months of the year rose to $1.92 billion, compared with $587 million in the same period in 2019, according to its filing prospectus. It had 543 million total orders in the first nine months of 2020, compared with 181 million in the year-ago period.

The Grand 2 at Papago Park Center provides QFB’s investors with an exceptionally high-quality, risk-adjusted investment opportunity with a long-term lease, strong in-place cash flows and contractual rental escalations, located within an actively evolving market. Metro Phoenix is a thriving center of commercial and residential activity, with a young and educated workforce. Phoenix Sky Harbor International Airport is just minutes away and is available via the Metro Light Rail system. In addition, Papago Park Center is located within two miles from Arizona State University, home of 82,000 enrolled students and ranked #1 most innovative school in the country.

Commenting on the acquisition, QFB CEO Abdulrahman Totonji: “QFB is pleased to have received exceptional demand for subscribing to its Shariah-compliant DoorDash Real Estate structured investment product which is expected to pay a 7% annual return to its investors. As always QFB continues to hold true to its commitment to present the best in class, highly vetted, cherry-picked investments with risk-adjusted returns to its clientele and is delighted to have completed the acquisition of The Grand 2 at Papago Park Center. This comes a few months after our acquisition of yet another successful structured investment product, Varsity Brands, which we were able to syndicate completely in a matter of few days. A monumental achievement, one that sets the tone for a strong 2020 finish and a great start to 2021.”

QFB announces third quarter financial results

Qatar First Bank L.L.C. (Public) (“QFB” or the “Bank”), a leading Shari’ah compliant bank based in Qatar, regulated by QFCRA and listed on Qatar Stock Exchange (QSE), released its financial results for the three-months period ended 30th September 2020. According to the published financials, QFB reported a net loss of QAR 20.2 million attributable to equity holders of the Bank, compared with a net profit of QAR 1.5 million in the same period of 2019.

QFB’s total income remained stable for the third quarter compared to the same period of 2019. However, the composition of total income was restructured as a result of the shift in the Bank’s strategy to focus on structured investment products.  As a result of this strategic shift, income generated from structured investment products, which includes fee income, dividend income and gain on disposal of equity assets, increased by 169% reaching QAR 13.4 million compared to QAR 4.9 million in the same period of 2019.

On the expense side, strict cost controls introduced by the Bank has resulted in a total reduction in expenses by 28% while enhancing the efficiency levels. The Covid-19 pandemic had a limited impact on the Bank’s performance in the third quarter which impacted provisions by QAR 15.8 million.

Overall, QFB witnessed a stable improvement in financial performance where major performance indicators showed healthy growth trends compared to previous financial years despite the macroeconomic challenges.

QFB’s Board of Directors commented

“As we are in the recovery phase of Covid-19, QFB’s level of resilience and agility has aided the Bank in pursuing its long-term plans. QFB’s recent addition to its portfolio ‘Varsity Brands’ received an overwhelming response from investors and it was subscribed in record-time while our investment team focused on increasing the Bank’s assets through direct sourcing of funds from existing and new clients and offering structured investment products to our investors using multiple deals that generated higher risk-adjusted returns. As part of QFB’s strategy to focus more on structured investment products, during Q3 2020 we witnessed a strong contribution from this revenue stream”

Highlights of the quarter included the appointment of Mr. Abdulrahman Totonji as the Bank’s Acting CEO. Mr. Totonji has extensive experience in business management with a particular focus on managing local and international real estate investments.

QFB’s latest acquisition, Varsity Brands, a three story, 135,0000 square foot building in Texas, USA, a timely addition to its income-generating real estate asset added to QFB’s diversified portfolio of investments. Varsity Brands currently serves as the headquarters for BSN sports, which is the leading marketer, manufacturer and distributor of sporting goods apparel and equipment in USA.

As a measure to stabilize the Bank’s future income streams and reduce the cost of funding, QFB acquired an additional Sukuk investments which brings stable income.

QFB’s share price continued to perform well during the quarter showing healthy growth compared to the last quarter and compared to the same quarter in 2019. The estimated year-on-year growth in QFB’s share was approximately 94% which is a testimony to QFB’s success in delivering value to its shareholders and investors.

Qatar First Bank acquires BSN Sports’ HQ Building “Varsity Brands” located in Texas

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange, has completed a USD$41million acquisition of Varsity Brands, a three story, 135,0000 square foot building in Texas, USA, adding another income-generating real estate asset to its portfolio of investments. Varsity Brands marks QFB’s fifth investment in the US real estate market and has been fully syndicated to the Bank’s clients.

Varsity Brands currently serves as the headquarters for BSN sports, which is the leading marketer, manufacturer and distributor of sporting goods apparel and equipment in USA. BSN Sports, markets and distributes its products to over 100,000 institutional and team sports customers in colleges and universities, middle and high schools, and recreational programs throughout the United States via catalog, e-commerce, and direct sales.

The Property expands within a land size of 8.41 AC with 600+ plus employees working including sales, customer support, and corporate executives. Property was awarded LEED silver certification in early 2019 and is located 11 miles north of downtown Dallas and within the larger Dallas- Fort worth metropolitan area.

As a part of QFB’s turn-around strategy, the Bank continues to offer secure, risk-adjusted and income-generating investment opportunities to its clients through a Shari’ah-compliant investment platform. This strategy has further fueled QFB’s goal of growth backed by turn-around financial and business performance. QFB continues to demonstrate a positive track record in investing in the US real estate market.

Commenting on the acquisition, Mr. Abdulrahman Totonji, Acting Chief Executive Officer said:
“We have completed yet another acquisition in order to cater to the demand from our existing and potential clients who are seeking to gain accesses to the US real estate market. We are very proud of our team and the hard work they have done to secure such a unique asset. We are also honored to have been able to syndicate the complete offering within a few days after going to market, and raising over 80 million QR from our investors for this product. We strive to find the perfect balance between risk and reward in the investments we offer to our clients, by securing stable cash generating assets, backed by strong entities, in developed markets. Managing our clients’ money is a responsibility that we take very seriously. We are honored by the opportunity to be the trusted partner for all of our investors when it comes to the management of their investments. We pray to Allah Almighty to help us on this journey and help us succeed in our investments.”

This investment opportunity is offered on private placement basis to “Qualified Investors” meeting the investment eligibility requirements in accordance with the rules and regulatory requirements of QFC Regulatory Authority (QFCRA).

QFB announces half-year 2020 financial results

• Efficient risk management framework and cautious liquidity measures aided QFB to successfully upheld macro-economic challenges
• QFB applauds the strength and security that Qatari economy provided to the banking sector

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange, has released its interim condensed consolidated half-year financial statements for the period ended 30 June 2020. QFB reduced its net loss by 35% recording a net loss of QAR 202 million for the first half of 2020 compared with a net loss of QAR 310 million for the same period last year.

Net loss was incurred mainly due to COVID-19 impact on the performance of Bank’s assets. QFB continued implementing a cost rationalization initiative to decrease its total costs, alongside implementing a risk-adjusted income-generating strategy to enhance its returns and shareholder value. As a result, the total costs (excluding one-off impairment costs) were reduced by 27% during the first half of this year compared to the same period last year.

QFB’s Board of Directors, commented
“As the COVID-19 global pandemic effected all industries around the world, the overall banking industry in Qatar witnessed a mild weakening effect on profitability due to the market slowdown. QFB’s efficient risk management framework and cautious liquidity measures ensured that there is only minor impact to its core banking activities. We affirm that QFB is gaining benefits from its revised strategy where our income streams are showing continuous growth momentum along with progressive operational performance and positive financial indicators. We further applaud the effort taken by government and regulators to ensure strength and security of the local economy”

Earlier in January, QFB acquired 90 North Corporate Campus a four-building, 262k-square-foot office campus located in Bellevue, Washington, US. The Bank has also existed a second aviation deal through the sale of a Boeing 737-900ER aircraft.

QFB continues to gain from its revised strategy shifting the Bank’s operating model to focus on investing in risk-adjusted yield-generating structured investment products syndicated to the Bank’s investor-base. In addition, the Bank continues its precautionary measure to address possible risks associated with changing market conditions and create adaptive strategies.

QFB Board of Directors appoints Mr. Abdulrahman Totonji as ACEO

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA), announced today the appointment of a new Acting CEO (ACEO).

Mr. Abdulrahman Totonji is a distinguished talent in business, economics, and investments. He has extensive experience in managing local and international real estate investments, which enables him to lead QFB during this critical moment of its history. He spent around six years managing a billion-QAR Qatari investment portfolio. Additionally, he gained experience over a period of six years investing in the US real estate market. Abdulrahman obtained his master’s degree in real estate finance from Georgetown University, Washington DC and Bachelor’s degree in business administration from George Washington University.

The Board welcomed the appointment of Mr. Totonji as ACEO of the Bank in the context of its new vision aiming at maximizing shareholder value. The Board also praised Abdulrahman’s expertise in economics and administrative matters, and the Board is confident that his experience will help improve the Bank’s performance and achieve positive results for the shareholders.

Commenting on his appointment as new ACEO of QFB, Abdulrahman said:

“I thank the Board of Directors for trusting me as QFB’s ACEO at this critical stage. I will work with the Board and the executive team over the coming period to support the Bank in maximizing shareholders’ value and to place the Bank on a profitable path again, and inshallah we will see the bank grow to new heights.”

QFB discloses first quarter financials

  • Total income also increased by 7% to QAR 34.2 million as compared with the same period of 2019.
  • Total expenses were decreased by 15% to QAR 22.9 million compared to same period of 2019.
  • Income from structured products has increased by 27% as compared with the same period of 2019.
  • C0onservative provisions amounted to QAR 203.9 million
  • Aside from COVID-19 negative impact, a profit of QAR 12.3 million attributable to equity holders of the bank was recorded compared with a net profit of QAR 3.2 million of the same period of 2019.

Qatar First Bank L.L.C. (Public) “QFB”, a leading Shari’ah compliant bank based in Qatar, regulated by QFCRA and listed on the Qatar Stock Exchange (QSE), released its financial results for the three-months period ended 31 March 2020. This disclosure comes amid the current unprecedented conditions of the COVID-19 virus crisis, which has shown a negative impact on the financial results of many sectors and companies around the world, especially the financial and banking sector.

The bank core business, aside from COVID-19 negative impact, recorded a profit of QAR 12.3 million attributable to equity holders of the bank compared with a net profit of QAR 3.2 million of the same period of 2019.  However, in line with the accounting standards and best practices in place by regional and international banks, and in view of the global macroeconomic conditions, one-time reserve provisions have been made in order to confront the risks of the COVID-19 crisis. This resulted in a recoded net loss of QAR 191.6 million arising from making these COVID-19 conservative provisions, which amounted to QAR 203.9 million.

Additionally, in line with Bank’s adopted strategy on cost efficiency, total expenses were decreased by 15% to QAR 22.9 million compared to same period of 2019. Setting aside COVID-19 negative impact, total income also increased by 7% to QAR 34.2 million as compared with the same period of 2019. Bank highlights for the quarter, income from structured products has increased by 27% as compared with the same period of 2019.

HE Sheikh. Faisal bin Thani Al-Thani, QFB Chairman, commented:

“Despite the bank’s good operational performance over the first quarter where the overall adopted strategy objectives were realized, the unexpected crisis of the COVID-19 had a significant negative impact on the announced results. It entailed one-off provisions in line with the best practices in place by regional and international banks, however, the good news the good operational results is a clear indication of the success of the new strategy and its profitability even in light of these unfavorable and unprecedented macroeconomic conditions. The success of the strategy invites us to adopt an optimistic outlook for the bank and its business model.”

Furthermore, fee income from structured products has increased by 27% as compared with the same period of 2019.  QFB shall continue to harness the opportunities created through revised strategy where our key priority is sustainable organic growth of the bank’s customer base of high net worth Individuals, institutional investors and government related entities.

The bank is currently working on developing new products and exploring good investment opportunities. It also aims to enhance product portfolio and diversify investment options it offers to customers. It extremely exercise due diligence to  assess, review and analyze any variables that arise from changing macroeconomic conditions in order to achieve discounted acquisitions of assets as good opportunities are usually availed in times of crisis.

In line with this new strategy, the bank announced earlier that it has successfully completed the $117 million off-market acquisition of 90 North office campus located in Bellevue, Washington. This acquisition was QFB’s 6th product offerings and 4th in the US real estate market offering investors access to international investment opportunities through Investment Management Platform. It was also a strong testimony of QFB’s key focus on its strategy of offering innovative financial solutions with greater returns to the bank’s clients of high net worth Individuals, institutional investors and government related entities.  The product offered an investment in a stable mature market. This investment provided clients with ten years of strong, credit-backed contractual cash flows with minimal capital obligations and a best-in-class asset in a market characterized by large, market-leading companies such as Microsoft, T-Mobile, Nintendo, REI, Amazon, Google, Facebook, Oculus, Costco, AT&T, and Boeing.

QFB also made earlier a successful exit along with its investors through the sale of two Boeing 737-900ER aircrafts, which is its second sharia-compliant aviation deal. The two aircrafts were on a 7-year long-term sharia-compliant lease contract to Indonesia’s Lion Air. Interestingly, this is the first deal of its kind that the bank is undertaking in the field of aviation through the global investment management platform that the bank launched and attracts increased opportunities for its clients and investors. Noteworthy this investment product has achieved for its holders a cash dividend of 9% annually, whereby the profits are distributed every three months, while the internal return on investment of the product is about 12%.

Qatar First Bank held AGM

Qatar First Bank L.L.C. (Public) “QFB” held its Annual General Meeting (AGM) yesterday to discuss the bank’s performance and future initiatives after releasing its financials for the year ended 31 December 2019 at QFB Lounge premises in Doha, while adhering to all the precautionary measures to ensure the safety of participants.

The bank AGM presided by Chairman HE Sheikh Faisal bin Thani Al Thani, along with attending shareholders, discussed and approved, the bank’s audited financial results and the performance of the 2019 full year of operation.

HE Sheikh Faisal bin Thani Al Thani, QFB’s Chairman, said:

“2019 arguably the most enunciated year for QFB with profusely of key incidents and decisions were taken throughout the year where we witnessed a turnaround performance with three profitable quarters which is a direct manifest that QFB’s new strategy map has started generating affirmative results.”

QFB’s growth momentum continued related to its income streams where fee income increased by 103% to QAR 32.3 million compared to QAR 15.9 million in 2018 largely driven by new structured products introduced during 2019. QFB made continuous gain from its cost rationalization plan where bank reduced its total expenses by 17.2% compared to 2018.

In line with QFB’s strategy of maximizing value from its proprietary investments, QFB managed to sell its shares in FutureCard Industries and Kuwait Energy Company. Additionally, QFB signed definitive agreements to sell its shares in Food Services Company.

QFB completed the $117 million off-market acquisition of 90 North, a four-building, 262k-square-foot office campus located in Bellevue, Washington which is QFB’s sixth product offering and fourth in the US real estate market. QFB also made a successful exit along with its investors through the sale of two Boeing 737-900ER aircrafts, which is its second sharia-compliant aviation deal. The two aircrafts were on a 7-year long-term sharia-compliant lease contract to Indonesia’s Lion Air.

Qatar First Bank announces 2019 year-end financial results

    • Q4 recorded a net profit of QAR 1.3 million attributable to equity holders of the bank
    • Fee income increased by 103% to 32.3 million compared to QAR 15.9 million in 2018
    • Bank reduced total expenses by 17.2% compared to 2018

Qatar First Bank L.L.C. (Public) “QFB”, a leading Shari’ah compliant bank based in Qatar, regulated by QFCRA and listed on the Qatar Stock Exchange (QSE), has released its financial results for the year ended 31 December 2019.

A key highlight for the year was that accumulated losses of QAR 1.3 billion were offset against share capital during the year. As result of offset and performance during the year, the Bank was able to secure positive retained earnings of QAR 2.9 million as at 31 December 2019. Additionally, QFB reported its second consecutive profitable quarter in Q4 with a net profit of QAR 1.3 million attributable to equity holders of the bank. QFB also recorded a growth momentum related to its income streams where fee income increased by 103% to 32.3 million compared to QAR 15.9 million in 2018 largely driven by new structured products introduced during 2019. QFB made continuous gain from its cost rationalization plan implemented in 2017 where bank reduced its total expenses by 17.2% compared to 2018.

Sheikh Faisal bin Thani Al-Thani, QFB Chairman, commented:

“2019 was a key milestone for QFB where three of our quarters ended up generating net profit, and our fee income products showing significant growth with the successful execution of the fee-based-income model. These optimistic signs has helped us to create the turnaround performance in 2019 along with the unending confidence from our shareholders while we are looking forward to a stable growth momentum in 2020”

It is noteworthy that QFB has made a prodigious curtain raiser for 2019 where shareholders elected a robust well-diversified new board of directors consists of prominent economic and business figures that abetting the current transformational shift of QFB. QFB also shifted its operating model to a fee income on structured products.

In line with this new strategy, the bank announced earlier that it has successfully completed the $117 million off-market acquisition of 90 North office campus located in Bellevue, Washington. This acquisition was QFB’s 6th product offerings and 4th in the US real estate market offering investors access to international investment opportunities through Investment Management Platform. It was also a strong testimony of QFB’s key focus on its strategy of offering innovative financial solutions with greater returns to the bank’s clients of high net worth Individuals, institutional investors and government related entities. The product offered an investment in a stable mature market. This investment provided clients with ten years of strong, credit-backed contractual cash flows with minimal capital obligations and a best-in-class asset in a market characterized by large, market-leading companies such as Microsoft, T-Mobile, Nintendo, REI, Amazon, Google, Facebook, Oculus, Costco, AT&T, and Boeing.

QFB also made a successful exit along with its investors through the sale of two Boeing 737-900ER aircrafts, which is its second sharia-compliant aviation deal. The two aircrafts were on a 7-year long-term sharia-compliant lease contract to Indonesia’s Lion Air. Interestingly, this is the first deal of its kind that the bank is undertaking in the field of aviation through the global investment management platform that the bank launched and attracts increased opportunities for its clients and investors. Noteworthy this investment product has achieved for its holders a cash dividend of 9% annually, whereby the profits are distributed every three months, while the internal return on investment of the product is about 12%.

As a contingency measure in order to mitigate any future revaluation risks QFB is continuing to liquidate its private equity portfolio through many successful exits during 2019. Proceeds from these exits will be reinvested in more secure assets across politically stable investment options.

 

Qatar First Bank successfully exits second sharia-compliant aviation deal

  • Structured aviation note recorded cash distributions 9% annually paid on quarter-yearly basis and a total IRR of 12%
  • Ayman Zaidan: The bank will continue to build on this success through offering innovative financial solutions to its clients

Qatar First Bank, the first independent Sharia-compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange, has announced the successful exit along with its investors through the sale of two Boeing 737-900ER aircrafts. This comes in line with the bank strategy and directive of offering international co-investment opportunities to its clients and to the Qatari market.

The two aircrafts were on a 7-year long-term sharia-compliant lease contract to Indonesia’s Lion Air. Interestingly, this is the first deal of its kind that the bank is undertaking in the field of aviation through the global investment management platform that the bank launched and attracts increased opportunities for its clients and investors. Noteworthy this investment product has achieved for its holders a cash dividend of 9% annually, whereby the profits are distributed every three months, while the internal return on investment of the product is about 12%.

Commenting on the success of the exit deals, Ayman Zaidan, QFB’s deputy CEO, said:

“We are very pleased to announce the successful exit of these deals further strengthening the bank’s Investment offerings to its clients and solidifying the bank’s strategy and risk-sharing operating model. The bank will continue to build on this success through offering innovative financial solutions and sharia-compliant investments to the Qatari market”

Further it is noteworthy the increasing success of investment structured products offered by the bank to meet the increasing need of its investors looking for innovative investment opportunities. The products of the bank meet with great acceptance from potential investors as it provides investment opportunities in business sectors characterized by relative stability, as they provide attractive and expected returns in the medium and long term, and with a proportionate annual profit rate paid to clients on a quarterly basis.

Earlier the bank announced it has successfully completed the $117 million off-market acquisition of 90 North office campus located in Bellevue, Washington. This acquisition is QFB’s 6th product offerings and 4th in the US real estate market offering investors access to international investment opportunities through Investment Management Platform. It is also a strong testimony of QFB’s key focus on its strategy of offering innovative financial solutions with greater returns to the bank’s clients of high net worth Individuals, institutional investors and government related entities. Additionally, the product offers an investment in a stable mature market. This investment provides clients with ten years of strong, credit-backed contractual cash flows with minimal capital obligations and a best-in-class asset in a market characterized by large, market-leading companies such as Microsoft, T-Mobile, Nintendo, REI, Amazon, Google, Facebook, Oculus, Costco, AT&T, and Boeing.

Qatar First Bank acquires 90 North Corporate Campus located in Seattle Washington for USD117 millions

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange, has completed the $117 million off-market acquisition of 90 North, a four-building, 262k-square-foot office campus located in Bellevue, Washington. The property is fully rented by two tenants T-Mobile and Mindtree.

The 90 North Corporate Campus is a four building class “A” campus property situated on approximately 20 acres and strategically located at Seattle, Washington. The campus is ideally located in Eastgate, the heart of the I-90 suburban corridor which provides prime freeway access, proximity to the best executive housing in the region, a strong roster of corporate tenants, and a low vacancy rate. The campus features an on-site food court, café, fitness center, conference facility, courtyard with outdoor seating and recreational activities, and ample surface parking.

This acquisition is QFB’s sixth product offerings and fourth in the US real estate market offering investors access to international investment opportunities through Investment Management Platform. It is also a strong testimony of QFB’s key focus on its strategy of offering innovative financial solutions with greater returns to bank’s clients of high net worth Individuals, institutional investors and government related entities.

Commenting on the acquisition, Mr. Ayman Zaidan, Deputy Chief Executive Officer said:

“In line with our new strategy, we source and structure investment opportunities to cater to the increasing demand of local and international investors. Our products help investors gain access and reach to the US real estate market with unique properties that offers Shariah-compliant investments. Our new strategic direction has reinforced our vision of a risk-sharing collective investment operating business model”

Additionally, the product offers an investment in a stable mature market. This investment provides clients with ten years of strong, credit-backed contractual cash flows with minimal capital obligations and a best-in-class asset in a market characterized by large, market-leading companies such as Microsoft, T-Mobile, Nintendo, REI, Amazon, Google, Facebook, Oculus, Costco, AT&T, and Boeing.

It is worth mentioning that this product is offered on a private placement basis and potential clients are subject to regulatory requirements of QFMA and other regulators to be eligible to participate in such investment opportunity.

Trading of Qatar First Bank (QFB) stock will be suspended on Monday 23/12/2019 to complete capital reduction process

Qatar Stock Exchange (QSE) announces that trading of QFB’s stock will be suspended on Monday 23/12/2019 for a period of one day in order to implement the capital reduction process aimed to extinguish losses encountered by the bank.

However, trading of QFB’s stock will be resumed on Tuesday 24/12/2019.

It is worth noting that the QFB has obtained its EGM’s approval dated 16/9/2019 on reducing the issued capital by 65% from 2 billion Qatari riyals to 700 million Qatari riyals, divided into 700 million shares with a nominal value amounting to QR1 Qatari each.

QFB announced that it has determined the date for capital reduction after obtaining all necessary approvals to implement the capital reduction, and after coordination with the relevant authorities.

Note that the capital equation which will be followed to extinguish the losses is as follows:

New Price = Previous Capital/ New Capital X  closing price

Accordingly, the opening price of the bank’s stock after the capital reduction process will be determined based on the closing price of the bank’s stock at the end of Sunday, 12/22/2019.

The new price will be announced in a market notice to be published on QSE website.

To view the financial position        Click here
To view the Minutes of the EGM   Click here
To view the Creditors Notice           Click here

QFB announces implementing reduction of Paid-Up Capital

QFB announces that it has completed obtaining all the necessary approvals to implement the process of reducing the share capital. These documents include obtaining approval on the amended articles of association by the Qatar Financial Center and an extract of the new commercial register reflecting the new paid-up capital. Accordingly, and upon coordination with the relevant regulatory authorities, QFB will:

1) Implement the process of reducing its paid-up capital to become 700 million Qatari riyals, equivalent to 700 million shares with a nominal value of one Qatari Riyal per share instead of previously 2 billion shares with a nominal value of one Qatari Riyal.

2) The equation for the amendment of the share will be implemented according to the practices of Qatar Stock Exchange, and therefore trading in the stock will be suspended on Monday, December 23, 2019, to implement the reduction process, provided that trading in the stock with its new capital will be resumed on Tuesday, December 24, 2019.

To view the Financial Position After Capital Reduction, click here

To view the QFB Creditors Notice , click here

QFB announces net profit for the third Quarter

Qatar First Bank L.L.C. (Public) “QFB”, a leading Shari’ah compliant bank based in Qatar, regulated by QFCRA and listed on the Qatar Stock Exchange (QSE), released its financial results for the three-months period ended 30th September 2019. According to the released financials, QFB reported a net profit of QAR 1.54 million attributable to equity holders of the bank, compared with a net loss of QAR 71.6 million in the same period of 2018.

HE Sheikh. Faisal bin Thani Al-Thani, QFB Chairman, commented:

“We witness another profitable quarter after generating a net profit in first quarter of 2019 and the outlook is optimistic. It is evident that QFB is harnessing the opportunities created thorough revised strategy where our key priority is sustainable organic growth of the bank’s customer base of HNWIs, institutional investors and government related entities. We have finalized few viable options to further fuel our growth through acquiring several yielding real estate properties in US while structuring several capital protected structured products.”

Bank highlights for the Quarter, an increase of 39% and 19% in both fee income and other income respectively mainly derived through structured products & investments and a reduction of 18% in returns to unrestricted investment account holders (the cost of funding) due to the better management of its loan to deposit ratio as compared with the same period of 2018.

The bank is continuing its strategy on liquidating its proprietary investments; and the significant progress has been made during current nine month period evidenced by the exit of its investments in English Home, Kuwait Energy and, subsequently Future Industries Holding. Furthermore, the bank is in the final stage of completing its exit from its investments in Food Services Company.

During October 2019, QFB announced the successful exit of its 71.3% stake in the Future Industries Holding. QFB’s stake was sold to Toppan Gravity in line with the Bank’s strategy for monetizing its private equity portfolio and reinvesting in more secure assets across politically stable jurisdictions. QFB was able to generate net proceeds of ~US$ 22m from the disposal.

QFB’s Deputy CEO, Ayman Zaidan, commented

“QFB had owned this asset for more than 10 years. As part of our commitment to the shareholders, we have been exploring liquidity options for all the Bank’s investments. I am optimistic with the outcome of this exit as it demonstrates that our new strategy is achievable. I look forward towards future collaboration with Toppan new projects”.

Newly appointed board of directors has embarked in a promising journey on bank’s transformational shift align with its revised strategy in shifting its revenue streams on a more prudent measure of fee-based revenue. As an endorsement, QFB has already begun generating fee income by offering client-focused investment products, primarily in real estate and aviation.