European Finance House, a London based Islamic investment bank, authorised by the FSA
European Finance House (“EFH”), a subsidiary of Qatar Islamic Bank (“QIB”), has received authorisation from the Financial Services Authority (“FSA”) to operate as an Islamic investment bank in the United Kingdom.
EFH will provide Shari’a compliant financial services and solutions to corporate, institutional and high net worth clients primarily in the UK, Continental Europe and GCC markets.
The FSA authorisation enables EFH to operate as a fully-fledged bank. In the near term, EFH’s strategy will focus on investment banking rather than retail products and services. EFH’s aim is to establish a cutting-edge position in the rapidly expanding area of Islamic finance. A key objective for the bankwill be to build close partnerships with its corporate, institutional and high net worth clients by providing Shari’a compliant alternative investment and financing solutions. EFH’s team intends to quickly become a key player in the UK and European Islamic banking markets, backed by the support and expertise of its majority (66%) shareholder, QIB, and another important shareholder Groupe Financiere Centuria, a European asset management and investment advisory firm.
Michael Clark, Chief Executive Officer of EFH, commented:
“With this FSA authorisation, and the very significant backing of our shareholders, European Finance House will become one of the leading European Islamic banks by means of a sustained focus on the fastest growing sector of financing and investment. London is now widely regarded as the principal financial hub for Islamic banking outside the Middle East and we intend to meet this expanding market with high quality products and services which will enable us to build close partnerships with our clients.”
Salah Jaidah, Chief Executive Officer of QIB and EFH board member, commented:
“We are pleased to start the year with the FSA licence which will allow us to commence business in the UK. EFH is not just another bank in the London Market, but one of its kind for 3 reasons. It is the only Islamic bank in London that can claim over 25 years experience from day one, thanks to its majority shareholder, QIB, which has been a pioneer Islamic bank since 1982. Second it is the only Islamic bank in London that is part of a global network and can offer to its clients cross continent transactions in the Middle East via QIB and in Asia via our affiliate Asian Finance Bank (AFB). Last but not least, we have been able to attract high calibre executives with considerable experience in the European and UK banking sector.”
EFH will offer products and solutions to a wide range of clients in the UK and will play a major role in attracting investment from the Middle East into the UK and Europe. The bank will also support and accompany UK and European investors who are interested by the booming Middle East market.
EFH will act as both principal and facilitator in the following areas:
Corporate and Institutional Finance
- Provision of debt financing
- Real estate finance
- International trade finance
- Private equity
- Mergers and acquisitions
Asset Management
- Investment management and advisory services
- Discretionary and client directed business
- Multiple asset classes (equities, bonds, property, cash and FX)
EFH is backed by high quality shareholders who are committed to the bank’s long-term growth strategy:
- Qatar Islamic Bank is a bank that holds 57% of the Islamic banking sector in Qatar. It is the fifth largest company listed on the Doha Securities Market (market capitalisation US$ 4 billion) and is the largest Islamic bank in Qatar. QIB has an international network and is rated A- by the international rating agency Fitch.
- Groupe Financiére Centuria, the French independent asset management, investment and advisory group.
Michael Clark – Chief Executive Officer
Tel: +44 (0) 207 268 7200