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.