The Board of Directors of QInvest LLC announced yesterday 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. 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 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. Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani, Chairman of QInvest, said: “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.