Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) which is also a listed entity in Qatar Stock Exchange, announced today the appointment of eminent Qatari business and banking figure Mr. Ali Al-Obaidly as its CEO.
The Board welcomed the appointment of Mr. Ali Mohammed Al Obaidli as CEO of the bank in the context of a new board vision aiming to maximize shareholder rights. The Board also praised the new Chief Executive as a nationally recognized cadre who enjoy wide expertise in economic and administrative matters, and the Board is confident that its extensive and in-depth experience will enable it to improve performance and achieve positive results soon.
Commenting on his appointment, Ali Mohammed Al Obaidli, new CEO of QFB, said:
“I thank the Board of Directors for choosing me as QFB’s CEO at this critical stage of the bank’s growth period. I will work with the Board and the executive team over the coming period to formulate a new strategy for the Bank maximizing shareholders’ rights and putting the Bank on a profitable path again”
Then he added:
“I will be developing an investment and operational strategy covering the Bank’s business and investment portfolios, internal processes and organizational structure. This strategy will be presented to the Board of Directors soon for discussion, approval and implementation. The previous situation was a challenge for the Board and shareholders, but we will work together to rectify the process. I’m asking shareholders for support over this transitional and sensitive phase and fruits of their patience will be ripped soon.”
Prior joining QFB, Mr. Ali Al-Obaidly, was the Group CEO of Ezdan Holdings Group, one of the largest real estate developers in Middle East. During his tenure at Ezdan, he embarked several milestone achievements through local & international expansion and growth momentum in Group investments and returns. Mr. Ali being corporate leader with dual experience in local real estate and financial sectors will spearhead QFB executive team over this critical growth period. Over the next few months, he will closely associate with QFB board to develop the Bank strategy, business plan, restructuring of QFB existing investments and setting the new strategic investment directions with the main intention of maximizing shareholders’ return and offering value added investment opportunities and innovative Shariah-compliant financial solutions to the Bank’s client base. The new strategy shall focus on offering a variety of investment products for clients and on making a turnaround in QFB business model to attract local investment cadres and tap into local market opportunities.
Mr. Ali Mohammed Al-Obaidli holds a Bachelor’s Degree in Management and Economics from Qatar University in 1989 and a Master’s degree in Financial Management from the University of Oklahoma in 1995. Over the course of his career and career that has exceeded 29 years, Mr. Ali Mohammed Al Obaidli held several key positions including GCEO of Ezdan Holding Group, Chairman of the Board of Directors of Widam Foodstuff Company, Chairman of the Board of Directors of Nuzul Holding Company, and member of the Board of Directors of Ezdan Holding Group and its Managing Director. He also was a member of the Board of Directors of Barwa Real Estate Company, the Board of Directors of Qatar International Islamic Bank, Al Rayan Bank, Qatar First Bank and some Islamic insurance institutions, including Qatar Islamic Insurance and Al-Daman Insurance Company (Beema). Medical Care (Al Ahli Hospital) and other boards of directors of Gulf companies in various economic sectors. His career was characterized by the presentation of strategic vision that helped these institutions achieve their growth and expansion goals. In addition, Mr. Ali Mohammed Al Obaidli was named the second best executive in the Gulf region for 2017.