All aboard for QFH

30 June 2006
The board of directors for the new sharia-compliant bank Qatar Finance House (QFH) has been appointed. QFH is a joint venture between Gulf Finance House (GFH) and Qatar Islamic Bank (QIB). Senior staff from both banks will sit on the board, which will oversee the final set up of the greenfield bank (MEED 17:3:06).

GFH representatives on the QFH board include chief executive officer (CEO) Esam Janahi, deputy CEOs Abdul Rahman al-Jasmi and Peter Panayiotou and board member Hamad al-Shaya. QIB has appointed to the board chairman Sheikh Jassim bin Hamad bin Jassim bin Jabor al-Thani, CEO Salah Jaidah and assistant general manager Abdullatif al-Meer. Jean-Marc Riegel, who takes up the post of chief of investment & development group at QIB in July, will also serve on the QFH board. Riegal was previously chief of Islamic banking services at BNP Paribas.

PricewaterhouseCoopers has been appointed to advise the new bank on risk, regulatory and compliance issues. GFH and QIB each hold a 15 per cent stake in the bank, which will have a paid-up capital of $500 million and an authorised capital of $1,000 million. The remaining 70 per cent will be offered to GFH and QIB investors, who can take up to a 5 per cent stake.

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