Qatar First Investment Bank Annual General Meeting Approves 2009 Financial Results Banner

Qatar First Investment Bank Annual General Meeting Approves 2009 Financial Results

Chairman Abdulla bin Fahad Bin Ghorab Al Marri presents an overview of the Bank’s activities in 2009 and future plans.

Chairman Abdulla bin Fahad Bin Ghorab Al Marri presents an overview of the Bank’s activities in 2009 and future plans.

Qatar First Investment Bank (QFIB) today announced that its Annual General Meeting has approved the Bank’s Audited Financial Results for the year ended 31 December 2009.

“We are proud to report on our successful first year of operation,” said Chairman Abdulla bin Fahad Bin Gohrab Al Marri during his opening remarks. “Setting up a new, non-affiliated investment bank at a time when financial markets were under a great deal of stress was never going to be easy.  The hard work and dedication of the people in the bank has shown that a Qatari Islamic investment bank can play an important role in the region and wider international markets.”

Chairman Al Marri presented an overview of the Bank’s activities and financial results in its inaugural year 2009, along with the future plans for the Bank.  In its first year of operation, QFIB succeeded in achieving a Net Income of U.S. $1.6million, in spite of the economic and financial turmoil that affected many countries around the world, reaffirming its leading position domestically and regionally.

“We are pleased with the results we have achieved during our first year considering that we began our operations amidst the unusual circumstances surrounding the global financial meltdown, in addition to all the costs incurred at the set up phase and launching a new brand in the market,” explained the Chairman.

“This is a difficult time for investors and 2010 for Qatar First Investment Bank will be characterized by the need to have well-thought out and well executed transactions,” emphasized the Chairman.

“There is still a fear that the markets might face some unexpected turbulences, therefore, it is essential to be cautious and wait until the market conditions improve before committing to long term investments.”

“We are very pleased with the response we have received from informed investors across the GCC, who are delighted to have access to an independent, experienced and expert Shari’ah bank.  Thus despite the market conditions we are very confident that 2010 will be another good year for QFIB,” concluded the Chairman.

At the General Meeting, the reappointments of board members appointed since the Bank’s incorporation were approved.  These included; Mr. Ibrahim Mohamed Al-Jomaih, H.E. Mr. Ahmed Abdulla Al Marri; Mr. Anwar Jawad A. Bukhamseen; Mr. Khaled Abdulla Khouri, and Dr. Fahad Abdulla Al Damer.

The Shari’ah Supervisory Board report for the year ended 31 December 2009 was approved and the current Shari’ah Supervisory Board consisting of Shaikh Dr. Ali Al Quradaghi, Chairman; Shaikh Dr. Shafi Al-Hajri, Member, and Shaikh Yahia Al-Nuaimi, Member, reconfirmed.

The General Assembly also approved the re-appointment of PricewaterhouseCoopers as external auditors for the year 2010.

A Special Annual Meeting followed the General Meeting wherein the revised Articles of Association were approved.

Highlights: 2009 in Brief

  • QFIB reported a Gross Income of U.S. $85.6 million.
  • QFIB invested a Total Capital of U.S. $186 million in 2009
  • QFIB invested in the energy sector through the acquisition of 40.83% stake in Qatar Engineering and Construction Company (Qcon), whose principal activities are engineering, construction and maintenance contracting for the oil, gas and petrochemicals industries.
  • QFIB also invested in the real estate sector with their purchase of Al Jazeera building in the Al Sadd area of Doha. QFIB also acquired a 12% stake in Nobles properties, a leading real estate development company based in Dubai.
  • QFIB invested in the industrial sector through acquiring a 71.3% ownership stake in Emirates National Plastic Industries Company (ENPI), a leading manufacturer of plastic packing solutions based in the UAE.
  • QFIB invested in the financial sector through the acquisition of 3.5% stake in Al Jazeera Finance (AJF), a Shari’ah compliant consumer finance company