DOHA, Qatar--(BUSINESS WIRE)--QFB, a leading Shari’ah-compliant bank based in Qatar offering investment opportunities and innovative financial solutions with local, regional and international reach, announces the imminent listing of the bank’s shares on the QSE on the 27th April 2016; following the approval of the Qatar Financial Markets Authority (QFMA).
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% 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% up or down.
QFB was established on 04/09/2008 and licensed by the QFCRA. The Bank’s authorized capital is QR2.5 billion and the issued and paid up capital is QR2 billion.
Abdulla Bin Fahad Bin Ghorab Al Marri, QFB’s Chairman, 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 6 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.”
Ziad Makkawi, QFB’s CEO, 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.
“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.
“Looking ahead, we are aware that there is still a great deal of work to be done on the Bank’s journey to success, and we are investing to achieve our objectives. This is the beginning of a new era, which complements our ambition to become a significant player in the Shari’ah-compliant banking arena.”
*Source: ME NewsWire
