Qatar- QFB announces listing of all shares on QE

Date

4/24/2016 1:24:29 PM

(MENAFN- The Peninsula)

DOHA: Qatar First Bank LLC (QFB) a leading Shari’ah compliant company in Qatar offering investment opportunities and innovative financial solutions has announced the listing of the bank’s shares on Qatari bourse on April 27. The announcement follows approval from the Qatar Financial Markets Authority (QFMA) QFB stated yesterday.

The listing of QFB will be in the Banking and Financial Services Sector with a symbol QFBQ. The guiding trading price for the first day will be QR 15 per share with a fluctuation of limit of 30 percent up or down which will be permitted only for the first day of listing. However price fluctuation on the second day and thereafter will be permitted by 10 percent up or down as is the case for all other listed companies under the QE rules.

QFB was established as one of the first independent Shari’ah compliant financial institutions licensed by the Qatar Financial Center Regulatory Authority on September 4 2008. The Bank’s authorized capital amounts to QR2.5bn and the issued and paid up capital is QR2bn.

A listing prospectus approved by the QFMA and Fatwa of the bank’s Shari’ah supervisory board are available on QFB’s website www.qfb.com.qa. The prospectus offers interested investors full details about the listing and the bank. QFB will be organizing a press conference on Tuesday at 10:00 am to announce this milestone.

Al Rayan Investment LLC acted as the sole listing advisor along with international legal counsel Pillsbury Winthrop Shaw Pittman L.L.P. and local legal counsel Sultan Al-Abdulla& Partner.

Commenting on the milestone Abdulla bin Fahad bin Ghorab Al Marri Chairman of QFB said: “This is a significant achievement for Qatar and QFB. It is the first listing of a Qatari entity licensed by the QFC and the first listing for a private entity in six years.

It marks the next step in Qatar’s efforts to reactivate Qatar’s stock market and encourage the participation of the private sector in all aspects of the Qatari economy and in particular the banking sector.”

“QFB with a clear strategy highly experienced team and solid shareholder base strives to maintain its role as a trusted advisor for high-net-worth individuals corporate and institutional clients and a gateway to business opportunities in Qatar the region and global markets.” Al Marri added.

Ziad Makkawi Chief Executive Officer QFB said: “QFB’s listing represents another significant milestone in the Bank’s quest to grow expand its offerings and provide a ‘Signature of Excellence’ to its clients.”

Makkawi added: “Last year was a ground-breaking year for the bank. We confirmed our strategy and streamlined our businesses to offer innovative Shari’ah compliant solutions ranging from corporate & institutional banking private banking & wealth management treasury & investments as well as alternative investments with a focus on private equity and real estate.”

The Peninsula

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