Qatar First Investment Bank (QFIB), a new fully Shari’ah compliant Investment Bank, celebrated its launch with a stunning ceremony at the Museum of Islamic Art in Doha, with a keynote speech by former US President Bill Clinton.
Qatar First Investment Bank (QFIB) is the first independent Shari’ah compliant investment bank to be licensed by the Qatar Financial Centre. It has an authorized capital of QAR 3.6 billion (US$ 1billion) and aims to become one of the leading financial institutions in Shari’ah compliant investment banking in Qatar and the GCC by adopting a unique business model.
More than 350 people including senior government officials, prominent businessmen and directors of Qatari banks, local academics as well as key shareholders from Qatar and the surrounding Gulf Cooperation Council countries , attended the event to celebrate the launch and hear President Clinton speak about the challenges of globalization and growing interdependence and the need to identify common goals and values throughout the world.
Abdullah bin Fahad bin Ghorab Al Marri, Chairman of Qatar First Investment Bank, commented: “We are honoured and privileged that President Clinton accepted our invitation to attend the launch of Qatar First Investment Bank. It made an extremely special occasion even more prestigious and memorable. It is a privilege to have President Clinton as our guest of honour .”
Chairman Al Marri added “We are launching the bank at a time when the world is going through a major economic crisis. However, we feel that this is a time when Qatar First Investment Bank can capitilise on opportunities arising out of this economic uncertainty.”
Mike de Graffenried, CEO of Qatar First Investment Bank, said “Qatar First Investment Bank will enrich the business community in Qatar and the GCC region by introducing a unique business model in Shari’ah compliant investment banking. Qatar First Investment Bank has been established to capitalize on the opportunities created by the rapidly expanding economies of Qatar and the GCC which have stimulated significant growth and created opportunities for investment banking, particularly for Islamic based products and services.”
Qatar First Investment Bank was founded by a group of prominent Qatari businessmen, led by Chairman Abdullah Al Marri. The principal aim was to establish an investment bank operating under Islamic financing principles, raising the bar for customer service and innovation. A paid up capital of QAR 1.6 billion (US$ 430 million) was raised during the summer of 2008, 59% of which, originated in Qatar and the remaining from the GCC region. The bank was awarded a license by the Qatar Financial Centre in September 2008.
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.