Doha Bank today announced plans to launch an Exchange Traded Fund (ETF) on Qatar Stock Exchange (QSE) with Amwal LLC and The Group Securities, set to act as Fund Manager and Liquidity Provider respectively. A signing ceremony to mark the appointment of Amwal as Fund Manager and the licencing of the index benchmark from QSE was held today in the presence of the Doha Bank Group CEO Dr. R. Seetharaman, QSE CEO Rashid Al Mansoori and Amwal CEO Fahmi Alghussein.
Dr. R. Seetharaman stated “the Qatar Index ETF, which is pending regulatory approvals, will track the QE Index. Once approved by QFMA, the ETF product would list on Qatar Stock Exchange and provide investors with exposure to the index benchmark with a single trade. Doha Bank is delighted to have already appointed and signed with The Group Securities who are the leading brokerage firm in Qatar, as the Liquidity Provider (LP) to the ETF. The Group Securities will provide regular bid and ask prices and interact with the fund manager to manage the supply of ETF units on Qatar Stock Exchange. Amwal Asset Management successful track record in Qatar since 1998, will ensure the ETF passively managed strategy is in line with global ETF standards”.
Mr Rashid Al Mansoori, CEO Qatar Stock Exchange, welcomed the regulatory filing and congratulated the partners on being the first to licence QE index for use as an ETF benchmark. He continued ‘The Exchange Traded Fund, once approved by the Regulators, enables investors to trade the index as a single security, it complements the underlying 20 shares and provides an opportunity to look at alternative trading strategies. The growth in ETFs internationally is unbridled and we have an exciting pipeline of ETFs being developed here in Qatar. The partners here today should be commended for taking these important steps towards listing this new segment on Qatar Stock Exchange.
Commenting on this event, Sheikha Hanadi Nasser Bin Khaled Al Thani, Founder and Chairperson of Amwal said in a statement: “ Since its inception, Amwal has established new benchmarks through pioneering initiatives in investment and asset management within Qatar and the wider MENA region. Our well researched and disciplined approach has helped position Amwal as an organisation committed to financial excellence. We are excited to collaborate with Doha Bank and The Group on this new initiative and look forward to further enhancing the regional offering of investment products.”
Mr. Hamad Al-Maadadi, Chairman of The Group also commented in a statement that: “The Group welcomes innovation in capital markets and believes these products will capture the imagination of the investor in Qatar. The products provide easy access for those wishing to take long exposure to Qatar markets but will also attract intraday traders looking for arbitrage. The Group Securities has been appointed for its considerable expertise in the local stock market; having acted as a liquidity provider in the underlying stocks since2008. The Group is well placed to carry out the important role of managing liquidity on exchange for these exciting new products”.
About Doha Bank:
Incorporated in 1978, Doha Bank provides domestic and international banking services for individuals, commercial, corporate and institutional clients. Doha Bank is the third largest local conventional bank by assets in Qatar with a market share of approximately 7.5% and assets totaling QR75.5bn as at 31st December 2014. The bank operates principally through four business groups: Wholesale Banking, Retail Banking, International Banking and Treasury & Investments. It has established overseas branches in Kuwait, Dubai (UAE), Abu Dhabi (UAE), and Mumbai (India) as well as representative offices in Japan, China, Singapore, Hong Kong, South Korea, Australia, Turkey, the United Kingdom, Canada, Germany and Sharjah (United Arab Emirates). Currently, it is rated A2 by Moody’s, A by Fitch and A- by Standard & Poor’s for its s long-term local and foreign currency. For more information, please visit www.dohabank.com.qa
About the Qatar Stock Exchange:
Established in 1995, the Doha Securities Market (DSM) officially commenced operations in May 1997. Since then the Exchange has grown to become one of the leading stock markets in the GCC region and for two consecutive years (2010, 2011), was the best performing stock Exchange in the GCC. The DSM was later renamed the Qatar Stock Exchange (QSE). QSE currently has 43 listed companies and its market capitalization is over QR730 billion (US$200 billion). The primary aim of QSE is to support Qatar’s economy by giving investors a platform through which they can trade fairly and efficiently. QSE also provides the public with access to market information, ensures correct disclosure of information, and enforces securities regulations. QSE is regulated by the Qatar Financial Markets Authority. For more information, please visit www.qe.com.qa
About Amwal:
Amwal is Qatar’s first regulated Investment Company and is wholly-owned by its Founder and Chairperson, Sheikha Hanadi Nasser bin Khaled Al Thani. Authorised by the Qatar Financial Centre Regulatory Authority, Amwal is a leading independent asset management firm serving institutional clients, family offices and high net worth individuals.
For over a decade Amwal has been a leading innovator in Qatar’s financial services industry and has a proven track record in managing equities. It was the first to offer financial planning and wealth management, first mutual funds, first Islamic mezzanine private equity funds and created Qatar’s first money market fund.
Amwal has received a number of high profile accolades, including Best Asset Manager in Qatar from EMEA Finance for four consecutive years (2011, 2012, 2013 and 2014); Best Investment Bank in Qatar from World Finance (2012); and Qatar Deal of the Year from Islamic Finance News (2008). The Qatar Gate Fund managed by Amwal, was also ranked the number one equity fund in the MENA region in 2013 by MENA FM.
About The Group:
The Group was founded when Qatar Exchange (Former name Doha Securities Market) was founded at 1997, The Group is a Qatari Shared Company with paid capital half Billion Qatari Riyal. The Group Started Developing Liquidity Provider system in 2008 and was licensed for this activity by QFMA in 2013 and currently providing liquidity to some listed shares .The Group also offers wide range of services to local and international investors including (Call center, Online Trading, Mobile Trading, connection with international orders networks, News and Analysis reports). The Group has been the first broker in Qatar Exchange for the last ten years as of number of trades and trading value.