The Chairman of Qatar First Bank Abdulla bin Fahad bin Ghorab Al Marri hands over a memento to Mohammed Alabbar, Chairman of Emaar Properties, the Dubai-based global property developer, during the ceremony to launch the bank’s new identity at Four Seasons Hotel, Doha, yesterday. Kammutty VP
DOHA: Qatar First Investment Bank (QFIB), the country’s first independent Shariah-compliant bank regulated by QFC Regulatory Authority, has re-branded itself and announced yesterday that it has changed its name to Qatar First Bank (QFB).
QFIB’s new identity was revealed at a reception attended by top government officials, CEOs of leading Qatari Institutions and family businesses; shareholders and leading business minds.
The management’s decision to re-brand the bank is followed by its upgrade to a Category 5 license back in 2010, which would allow the bank to broaden its product offering. The decision also reflects the bank’s strategic evolution of its business model.
QFB’s future plans include the opening of an exclusive high end branch that will offer a portfolio of financial services including investment products such as sukuk funds, direct private equity co-investment, in addition to transaction services such as credit cards, cheque books and transfers. The bank will offer non-financial services such as concierge, advisory and research services.
Launched in 2009 with a mission to enrich the business community in the GCC by providing a unique perspective to Shariah compliant investment banking, QFIB has since then succeeded in affirming its leadership status in the investment banking industry.
To date, the bank has invested QR1.5bn in 16 transactions spanning five different sectors, seven geographies and successfully exited four investments.
Building on its four years of success as a leading Shariah-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.
Addressing the event Abdulla bin Fahad bin Ghorab Al Marri, Chairman of QFB said: “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 a pure investment bank to a financial institution that offers a full suite of Shariah-compliant financial products and services. QFB is well-positioned to capitalise on the growing demand for Shariah-compliant banking and we look forward to the future with great optimism.”
In his keynote address, Mohammed Alabbar, Chairman of Emaar Properties, the Dubai-based global property developer, 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. The QFB board of directors and the management team 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.”
Emad Mansour, CEO of QFB said: “There is a high concentration of wealth in our target region. We want to capitalise on the growing demand for international standard financial services for high net worth individuals and corporates. We now take our successful business model a step further as we evolve to offer high net worth and corporate financial products and services. Our new name better reflects the future direction of our business. Our business model is unique as we will also offer clients the opportunity to gain access to our portfolio of investments and benefit from a range of first class transactional and non-financial services”.
QFB will continue to capitalise on opportunities available in Qatar, broader GCC, MENA and Turkey, working closely with clients to originate structure and execute deals to meet their specific financial and strategic objectives. The Peninsula