DOHA: Qatar First Bank (QFB), the leading Shari’ah compliant bank, recorded a revenue of QR491m for the third quarter of 2016 (Q3, 16), a 39 percent year-on-year jump. QFB’s net profit stood at QR3.4m .
Commenting on the bank’s solid performance Ziad Makkawi (pictured), Chief Executive Officer, QFB said QFB was able to record strong revenue and net profit despite global investment market facing major challenges. “We envision that the global economic backdrop will remain challenging for the remainder of this year; however, we will continue to push ahead to develop innovative financial solutions and source attractive investment opportunities for our individual and institutional clients.”
Since the beginning of 2016, QFB has been witnessing solid achievements marked by listing the bank’s shares on the Qatar Stock exchange (QSE), following the approval of the Qatar Financial Markets Authority (QFMA). Following this significant milestone, QFB announced the development of an innovative open architecture Private Banking platform offering shareholders and clients the opportunity to select from a wide range of investment opportunities and innovative financial solutions to grow, manage and protect their wealth and assets.
Makkawi added: “We are transforming from being an investment focused to an investor focused entity. This is being reflected in the continued development of our Shari’ah compliant offering across all business lines. The development of our pioneering open architecture platform, backed by a talented and highly experienced team, will meet the individual changing needs of our clients.”
Leveraging the in-house and international breadth of investment solutions and structuring capabilities, QFB announced the placement of the ‘Ijarah Aviation Structured Product’ that was met with great enthusiasm by individual and institutional clients. The Shari’ah compliant product offered an investment in a relatively stable sector providing an annual cash return of 9 percent to be paid to clients on quarterly basis.
QFB continued to strengthen its international reach and develop deeper access to key markets. After announcing the completion of 7-12 Leinster Square, a residential real estate development in Leinster Square – London W2, the bank announced offering specialised real estate services to individuals and corporates seeking to add value to their portfolios by owning, occupying and investing in real estate across the world.
Despite regional financial markets continuing to operate at restrained levels, all of the Bank’s revenue-generating business lines have positioned themselves to capture new business and solidify relationships with existing clients. On the Alternative Investments front, QFB’s current investment portfolio is performing well. The department continues to assess opportunities to maximise value from these positions.
QFB’s Alternative Investments division is well positioned to provide capital solutions to growing businesses in the region that will benefit from the bank’s experience and the network in Qatar and abroad.
Makkawi added: “With investors being on a quest for more creative ways to maximize their returns, our team of alternative investment professionals is constantly refining and developing its services to honor investors’ ever-changing needs and exceed clients’ expectations. The team has developed its current platform to offer private equity expertise to investor clients. In parallel, we will continue to diversify our portfolio and focus on business services, healthcare, education and real estate sectors while expanding into new geographical markets regionally and internationally.”
