QINVEST obtains license from QFC

Board Member and CEO of QINVEST Prof. Abdullatif Almeer made this statement and noted that Qatar Islamic Bank (QIB) and the Gulf Finance House (GFH), who together led the incorporation of the new bank, will hold each 15% of the capital shares.

The remaining share capital of 70% was offered to a group of potential corporate and private investors.

QINVEST intends to list the shares in the near future in accordance with the stock exchange's regulations.

Prof. Almeer further stated that QINVEST bank now would be the first bank established in Qatar that is specialized in offering Islamic investment banking services.

The new bank, he continued, aims to keep pace with Qatar's economic boom and proposes to play a vital role in supporting the national economy, which is highly promising in terms of investment opportunities, he added.

Prof. Almeer confirmed the new bank's commitment to adopt a management policy to ensure a balanced performance and the best levels of internal control and transparency in line with QFC and international regulatory standards, as well as the enhancement of QIB's leading role in banking.

He emphasized that the joint venture between QIB and GFH would strengthen both establishments' impact in the region. This will be achieved through building financially strong entities capable of meeting the challenges of the economic growth requirements especially with the increase of demand on Islamic investments in Qatar and globally.

In conclusion, Prof. Almeer expressed his thanks and gratitude to the QFC and QFCRA officers for their support during the application process by extending the necessary facilities for the authorisation and establishment of QINVEST.

Philip Thorpe, Chairman & CEO of the QFC Regulatory Authority welcomed QINVEST saying: "I am delighted that QINVEST has achieved this important milestone and warmly welcome them to the QFC community. I look forward to this new venture making a significant contribution to the development of Islamic investment banking business in Qatar."

Stuart Pearce, Chief Executive Officer and Director General of the QFC Authority, added: "QINVEST illustrates the attractiveness of the QFC to Islamic financial services companies. As a start-up company we see their arrival as a significant addition to the financial services sector in Qatar and in the region."