After four successful years since establishment Qatar First Investment Bank (QFIB), Qatar’s first independent Shari’ah compliant bank regulated by QFC Regulatory Authority, revealed today that it has changed its name to Qatar First Bank (QFB).
Following an upgrade to a Category 5 license back in 2010, which would allow the bank to broaden its product offering, the management took the decision to change the Bank’s name to better reflect the strategic evolution of its business model.
QFB’s new identity was revealed at a dinner reception held at the Four Seasons Hotel in Doha. The event was attended by government officials, CEOs of leading Qatari Institutions and family businesses, shareholders, business leaders and key media. The guest of honor and main speaker was HE Mr. Mohamed Alabbar, Chairman of Emaar Properties, the Dubai-based global property developer.
Launched in 2009 with a mission to enrich the business community in the GCC by providing a unique perspective to Shari’ah compliant investment banking,, QFIB has since then succeeded in affirming its leadership status in the investment banking industry. To date, the Bank invested QAR 1.5 billion in 16 transactions spanning five different sectors, seven geographies and successfully exited four investments. Building on its four years of success as a leading shari’ah compliant investment bank, QFB will now evolve its business model to offer a comprehensive range of financial products and services, in addition to its existing Principal Investments, Corporate Finance and Asset Management offerings.
Abdulla bin Fahad bin Ghorab Al Marri, Chairman, QFB commented, “The last four years have been very challenging as the world was going through what economists described to be the worst financial crisis since the Wall Street crash. Yet in spite of this tough global economic condition, we managed to source, develop and exit deals in strategic sectors generating sound returns for our shareholders. Today marks an important milestone as we celebrate four years of success. The change in our name reflects our growth strategy as we move from pure investment bank to a financial institution that offers a full suite of shari’ah compliant financial products and services. QFB is well positioned to capitalize on the growing demand for shari’ah compliant banking and we look forward to the future with great optimism.”
In his keynote address, HE Alabbar said: “The success achieved by QFB in a short span of time, despite the challenging environment globally for financial institutions, underlines the trust of its stakeholders in its values and integrity. I congratulate His Excellency Al Marri, the Board of Directors and the management team for their exemplary work. They are setting the benchmark for performance and purpose for the financial community in the region. QFB has an excellent growth opportunity in today’s new world order. However, through this onward journey, is it important to note that performance is not solely about profits but also about creating stakeholder value. As the organisation starts a new chapter today, I wish the bank and its board members the very best in creating valuable and long-term stakeholder relationships.”