Qatar First Investment Bank (QFIB) and Gulfmena Alternative Investments Limited (GAIL) today announced a strategic partnership to establish a unique, one-stop Shar’’ah compliant asset management company. It will be the first of its kind in the region offering an unrivalled range of Islamic investment products and services.
Qatar First Investment Bank, based in Qatar and regulated by Qatar Financial Centre Regulatory Authority will own majority shares of the new asset management company, whilst Gulfmena Alternative Investments, an asset management company, based in Dubai and regulated by Dubai International Financial Centre (DIFC) will manage the investments. After an initial and temporary offshore establishment, the new company will seek to be authorised and regulated by Qatar Financial Centre Regulatory Authority and will have its own Shari’ah supervisory board.
The new asset management company, expected to launch in fourth quarter 2010, will offer a total solutions platform to meet the needs of the Islamic investment community. It will provide a fully integrated range of Shari’ah compliant products and services covering all asset classes and catering to qualified investors such as foundations, charitable organizations, Awqaf, Islamic banks, Takaful and Re-takaful companies as well as high-net worth individuals.
Clients will benefit from this strategic alliance by capitalizing on Gulfmena’s extensive knowledge in asset management, the team’s long track record in managing investments in the region, its product know-how, and its ability to bring new products and services to the market. They will also benefit from the expertise and network of QFIB which is one of the fastest growing Islamic investment banks in the region.
Commenting on the partnership, Emad Mansour, Deputy CEO and Chief Investment Officer of QFIB, said: “We are pleased to be partnering with Gulfmena Alternative Investments. By capitalizing on Gulfmena’s expertise in the field of asset management and our broad network, the new company aims to meet the increased demand for Shari’ah based products and services in the market.”
“Our vision for the new company is to place the Islamic investment universe within easy reach of all of our investors. It will present an optimal and constantly evolving asset allocation mix in order to capture viable investment opportunities with a keen eye on risk, compliance and reporting,” he concluded.
Haissam Arabi, CEO of Gulfmena said: “We are delighted to collaborate with QFIB in this new initiative. We could not have picked a better partner. QFIB shares our vision in offering a unique proposition for Islamic investors on the regional and international level.”
“We believe there is tremendous opportunity given the growth prospects of the Shari’ah compliant financial sector. We are looking forward to satisfy the investment and financial needs of this sector as it continues to be challenged by the lack of innovation in products and services.”