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The idea to form Qatar First Investment Bank was conceived two years ago by a group of 29 prominent Qatari businessmen who shared a vision of establishing a world class investment bank, grounded in Shari’ah principles that would capitalize on the opportunities created by the fast developing economies of Qatar and the GCC region.
At that time, the GCC economies were at their peak: strong sovereign wealth funds, surplus liquidity as a result of unprecedented oil revenues and positive demographics made the region investment friendly. The affluent governments were pursuing diversification of their economies creating countless investment opportunities and demand for Shari’ah based products and services.
In spite of declining oil prices, losses on the stock market and a dire real estate, the GCC region has well weathered the financial storm. Although the outlook for investments is challenging, nonetheless, history and experience has proven that times of distress are certainly times for opportunities. There clearly is a need in the region for a world class Shari’ah compliant financial institution that would tap on the investment potential that arises out of this economic uncertainty.
The founders set out to realize their vision by establishing a Shari’ah compliant bank catering to the investment requirements of the region. The bank has a clear mission of enriching the business community in Qatar and the GCC by providing bespoke products and services adhering to world class regulatory standards.
The name Qatar First Investment Bank was chosen to reflect its unique position as the first stand-alone investment bank, not affiliated with any other financial institution, to operate in Qatar under the Qatar Financial Center.
The Bank was authorized a capital of QAR 3.65 billion (US$ 1billion), QAR 1.6 billion (US$ 430 million) of which, were raised during a capital placement in June 2008. Around 59% of the capital originated in Qatar and the remaining from the neighboring GCC countries. The Bank received its operating license by the Qatar Financial Centre on 4th September, 2008.
Qatar First Investment Bank is headquartered in Qatar. It will focus on investment opportunities in Qatar, GCC and the broader Middle East and North Africa region with an eye to opportunities in Europe and North America.
By conducting business with focus and diligence, Qatar First Investment Bank aspires to become the leading Shari’ah compliant Financial institution in Qatar and the GCC region. With over 1,000 investors from Qatar and the GCC, a solid capital base and a team of experienced investment professionals, Qatar First Investment Bank is well positioned to play a leading role in the development of the economies of Qatar and the GCC.
Abdulla bin Fahad Bin Ghorab Al Marri
Chairman |
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