Qatar First Investment Bank is regulated by the Qatar Financial Centre Regulatory Authority (QFCRA). We are committed to complying with the rules and regulations prescribed by the QFCRA as well as maintaining a governance structure that reflects international best practice in terms of independence, oversight, accountability and transparency.
Board of Directors
We have a Board comprising of 11 non-executive directors. Our Board of Directors is responsible for setting the overall direction of the Bank by reviewing and approving the Bank’s strategy, policies, risk limits, business plan and annual budget as proposed by the Bank’s management.
The Board reviews periodic reports from Board committees comprising the Executive Committee, the Audit, Risk and Compliance Committee, and Remuneration Committee regarding the status of the Bank’s investments and its operations.
In addition to setting the bank’s overall business direction, it also ensures that the management has robust systems and controls in place to monitor risks prevalent to our business and compliance with statutory laws and regulations. In addition, the Board has oversight of the Shari’ah Supervisory Board and appoints members which have the insight and expertise to advise the Bank on Shariah related matters.
Board Committees
The Board ensures the implementation and management of the Bank’s strategic business plans by delegating certain of its authority to Board committees and senior management. The Board has for this purpose established an Executive Committee, Remuneration Committee and a Board Audit, Risk and Compliance Committee:
Executive Committee: This committee comprises six non-executive directors. Its mandate is to provide an effective oversight of the Bank’s business. Roles and responsibilities include review and recommend to the board strategic plans, policies and all updates, annual budget, business plans, projects assigned by the board including management of and monitoring of existing investments undertaken for the Company.
Audit, Risk and Compliance Committee: This committee comprises four non-executive directors. It is responsible for reviewing and having oversight over the bank’s internal control arrangements with regards to internal audit, risk ,management and compliance. It is also responsible for ensuring that the financials in the Annual Report are accurate.
Remuneration Committee: Comprises of six non-executive directors that are responsible for agreeing with the board and determining the broad policy for the remuneration of the Chairman, Board members, and executive management as well as monitoring the levels and structures of remuneration.
Management Committee: The senior management of the bank meet formally on a monthly basis to discuss both strategic and tactical issues facing the business. This Management Committee is chaired by the Chief Executive Officer and comprises of the Chief Operating Officer, Head of Private Equity, Head of Strategic Investments and the Head of Compliance.
Shari’ah Supervisory Board
Led by Prof. Dr. Ali Al-Quradaghi, our Shari’ah Supervisory Board consists of three scholars. All members have in-depth experience in the field of Islamic Law known as fiqh al-mu`amalat. The Shari’ah Supervisory Board operates in accordance with a charter that governs its processes and procedures. The Shari’ah Supervisory Board appointed by the Board reviews our activities to ensure that all transactions are conducted in full compliance with the principles and precepts of Islamic Shari’ah. We adhere to the standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).