Qatar First Investment Bank (QFIB), a new fully Shariah-compliant investment bank, was formally launched at a ceremony attended by a galaxy of dignitaries including former US president Bill Clinton at the Museum of Islamic Art last night.
QFIB is the first independent Islamic investment bank to be licensed by the Qatar Financial Centre. It has an authorised capital of QR3.6bn and aims to become one of the leading financial institutions in Islamic investment banking in Qatar and the GCC by adopting a unique business model.
The dignitaries who attended the event included senior government officials, prominent businessmen, directors of Qatari banks, leading investors from Qatar and the GCC region.
They heard Clinton speak about the challenges of globalisation and growing interdependence, and the need to identify common goals and values through the world.
Qatar First Investment Bank chairman Abdullah bin Fahad bin Ghorab al-Marri said: “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 was a privilege to have president Clinton as our guest of honour.
“We are launching the bank at a time when the world is going through a major economic crisis, however we feel this is a time when Qatar First Investment Bank can capitalise on opportunities arising out of this economic uncertainty,” al-Marri said.
Qatar First Investment Bank was founded by a group of prominent Qatari businessmen led by al-Marri. It has more than 1,000 investors from Qatar and the GCC region.
“The principle aim was to establish an investment bank operating under Islamic financing principles raising the bar for customer service and innovation,” al-Marri said.
A paid-up capital of QR1.6bn was raised during the summer of 2008, of which 59% originated in Qatar and the remaining from the GCC region. The bank was awarded a licence by the Qatar Financial Centre in September 2008.
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