Gulf Finance House appoints PricewaterhouseCoopers in the UK to advise on Qatar Finance House

PricewaterhouseCoopers in the UK has been appointed to advise the new venture on risk, regulatory and compliance matters. In addition, communication specialists have been commissioned to advise on the name, branding and communication strategy of the bank.

The new bank is the first dedicated Islamic investment bank to be established in Qatar and will be launched with an authorised capital of US$ 1 billion and paid up capital of US$ 500 million. GFH and Qatar Islamic Bank will each own 15 per cent of the new bank. The remaining 70 per cent of the equity is being offered by GFH and QIB to strategic and individual investors subject to no shareholder owning more than 5 per cent. Listing of the bank through a local holding company or other acceptable structure is planned for the near future subject to stock exchange regulations.

Commenting on the appointment of PricewaterhouseCoopers LLP, Mr. Esam Janahi, Chief Executive Officer and Board Member, Gulf Finance House, said:

"Our steering committee has already done a lot of work to prepare the new bank to start operations. The involvement of PwC specialists will add great value to the new venture in meeting a number of business requirements in relation to risk, regulation and compliance."

Commenting on these key developments, Mr. Salah Jaidah, Chief Executive Officer, Qatar Islamic Bank added: "I am delighted to report that as far as the setting up of the new bank is concerned, the licensing process is proceeding as expected and we are now able to recruit senior management and core staff, proceed with the selection of IT systems, and finalize the location of the offices of the new bank."

Commenting on the naming and branding exercise, Mr. Janahi stated: "The branding and image of a new bank is critical to its success. The exercise currently underway will create a distinct image for the bank that will clearly differentiate it from other banks in Doha and within the region, while capturing its vision, mission and values. The award-winning communications team from GFH is leading this exercise."

The new bank is expected to mobilise very quickly using the expertise of Gulf Finance House recently voted 'Best Investment Bank in the GCC and Middle East 2006' by the Banker Middle East magazine. In Qatar, GFH is the lead financial adviser to Energy City Qatar at Lusail.