The Board of Directors of QInvest LLC announced today that
Shahzad Shahbaz has resigned as the Company’s Chief
Executive Officer, effective immediately. He will remain
with the firm for a period of time to facilitate a smooth
transition. The Board appointed Tamim Hamad Al-Kawari as
the new CEO.
Mr. Al-Kawari previously served as QInvest’s Deputy CEO.
Prior to joining QInvest, Tamim was Goldman Sachs Managing
Director and Country Head for Qatar.
Under Mr. Shahbaz’s leadership, the Bank expanded its
global footprint from the United Kingdom to India with
strategic investments in Panmure Gordon and Ambit
Holdings. It also expanded with the opening of new offices
in Riyadh and Istanbul. In 2012, QInvest announced a joint
venture with EFG Hermes which is pending regulatory
approval. Furthermore the Investment Banking business has
developed successfully as reflected by QInvest’s leading
position in YTD 2012 regional league tables across
Loans/Financing #1, Sukuks #4 and completed M&A #3.
H.E. Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber
Al-Thani, Chairman of QInvest, stated: “We would like to
thank Shahzad for his four and half years of service to
QInvest. During his term as CEO, he laid the foundations
for a world class investment bank operating under the
principals of Sharia’a compliant investments and
structures. We are very excited about the continuing
growth of Sharia’a finance both in the region and abroad.
Now, we hope to finalise the strategic alliance with EFG
Hermes businesses and to grow the new joint venture as a
model for success in Qatar, Egypt, the region and
beyond.”
The new joint venture represents an ideal platform to
expand the client lists of both QInvest and EFG Hermes by
providing a comprehensive suite of brokerage, asset
management and investment banking services. The JV plans
on maximising the full spectrum of opportunities available
in Doha through Qatar’s continuing economic growth and
contributing to the initiatives in the Qatar National
Vision 2030. Combined with EFG Hermes’ expertise in the
region, the joint venture will offer an established, well
capitalised and scalable platform from which we can serve
our clients.