Qatar First Investment Bank (QFIB) was recognized for its ongoing commitment to corporate governance by Dr. Nasser H. Saidi, Chief Economist at the Dubai International Finance Centre and Executive Director of the Hawkamah Institute for Corporate Governance.
In a special presentation to the QFIB Board of Directors, Dr. Saidi provided an update on the most recent corporate governance developments in the GCC and around the world, and recounted the elements of good corporate governance and the Board’s role, duties and responsibility.
In concluding his presentation, Dr. Saidi said: “I would like to applaud QFIB’s Board of Directors for its vision in establishing a world class and well-governed Shari’ah investment bank.” “This vision is best demonstrated through the Board’s commitment to maximize value for the stakeholders and implement governance guidelines that utilize best practices in corporate governance” he added.
Corporate governance has become a major issue in this increasingly global economy, in particular following the financial crisis of 2008. At its most basic level, corporate governance sets up “rules of the game” to deal with issues related to separation of ownership and control. In Qatar, a Code of Corporate Governance was developed by Hawkamah in association with the Qatar Financial Markets Authority (QFMA) in 2009.
Abdulla bin Fahad Bin Ghorab Al Marri, Chairman of QFIB, said: “The QFIB Board was pleased to host Dr. Saidi and discuss the latest trends and issues in corporate governance. Dr. Saidi is a world-renowned, respected expert and his insights were invaluable.”
“As a leader in Shari’ah compliant investment banking, QFIB proudly operates with accountability, fairness, transparency and responsibility. Both the QFIB Board and senior management team are strongly committed to corporate governance reform and will continue to maintain a complimentary balance between our regulatory framework and corporate responsibility” concluded Al Marri.
The Hawkamah Institute for Corporate Governance was created to bridge the governance gap by assisting the region’s countries and businesses in developing and implementing sound, well-integrated corporate governance frameworks. Working with national and regional task forces, Hawkamah Institute assists with the development of regionally relevant corporate governance frameworks and helps foster home grown communication and policy dialogue, ultimately becoming the natural bridge for institutions promoting corporate governance in the region.