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Wed 13 Jan 2010 05:28 PM

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Qatar First chief intends to seek listing in 2012

Investment bank chairman says meetings planned to prepare for bourse move.

The chairman of Qatar First Investment Bank has confirmed that the Shariah-compliant investment house intends to list on the Qatar Exchange in 2012.

“We hope the sooner the better, and we are working on that,” Abdulla Bin Fahad Bin Ghorab Al Marri told Arabian Business in an interview.

“The bank is about to engage in discussions with the local authorities, and we are working on meeting in advance their requirements for going public.”

Launched in September 2008, QFIB is the first standalone Shariah-compliant investment bank to be licensed and regulated by the Qatar Financial Centre (QFC).

It has an authorised capital of $1bn and a paid-up capital of $430m.

Al Marri added that he hoped the Qatar Financial Markets Authority, the exchange’s regulatory body, would amend its criteria in order to attract more Qatari companies to market.

The Qatar Exchange, which was launched in June 2009 and is the successor to the Doha Securities Market, currently has 44 listed companies.

“The number of companies and the volume of trading are still small here, compared to the size of the economy, and the authorities want to upgrade the services they are providing,” Al Marri said.

“I hope that they will make it easier for companies to be listed.”

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