DOHA: The Doha office of global law firm K&L Gates LLP was the advisor of Qatari asset management firms Amwal and Al Rayan Investment on the listing of their respective exchange traded fund (ETF) in Qatar.
On the listing of the first-ever exchange traded fund (ETF) in Qatar, also the largest ETF in the Gulf Cooperation Council (GCC) by the Amwal, K&L Gates said its team that advised on the matter, which demonstrates the growing sophistication of the Qatari financial services sector, consisted of Doha partner Amjad Hussain (pictured), Washington, D.C., partner Stacey Fuller, and Doha associates Jaime Oon and Mohammed Tartir.
Fahmi Alghussein, Chief Executive Officer of Amwal, stated: “We are very proud to have worked with Amjad Hussain and K&L Gates on the Qatar ETF. The team’s experience in global ETFs provided invaluable insight into the various rules and regulations around the world. Additionally, the team’s contributions on the ground in Qatar were essential to the success of the project.”
On the listing of Al Rayan’s exchange traded fund (ETF) in Qatar, understood to be both the first Qatari Sharia’h-compliant ETF and the largest single- country Sharia’h-compliant equity ETF in the world in terms of asset value, Amjad Hussain stated: “With a leading global investment management team, we were able to apply best market practices in order to realize this highly significant ETF listing for a client that is a leader in the Qatari market.”
Haithem Katerji, Chief Investment Officer at Al Rayan Investment, said: “We are extremely pleased to have successfully listed the first Sharia’h-compliant ETF in Qatar which is also one of the largest Sharia’h-compliant equity ETFs in the world.
“This marks an important step forward for the Islamic asset management industry and allows all investors to tap Sharia’h-compliant investments. With their global ETF capabilities, K&L Gates supported us to present a globally recognised product to our clients.”
Hussain is a partner in the firm’s Doha office. He focuses his practice on finance, corporate and commercial matters with particular emphasis on banking and Islamic finance.
Since 2002, Hussain has worked for clients in the Arabian Gulf across a range of sectors including financial services, TMT and infrastructure. He advises government and private sector clients based within and outside the Middle East on matters of English, Qatar and Qatar Financial Centre laws.
