FIRST FINANCE
ADVANCED HORIZONS FOR ISLAMIC FINANCE |
FOUNDATION & OBJECTIVES:
First Finance is a Qatari Shareholding Company, established in 21 Shaban 1420 corresponding
to 30th November 1999 as per the Companies Law No. 11 of Year 1981, and he Provisions
of the Articles of Association, and Memorandum of Association and the approval of
Qatar Central Bank vide permit No. Ñã/ÏÊ/1/2000 issued on 5th April 1999 as the
first finance company in the State of Qatar; The company has started with a capital
of fifty million Qatar Riyals upon its proclamation, but its sales growth, and the
increase in demand for its services and products has intensified the shareholders
confidence in their company, the fact which prompted their decision to double the
capital to one hundred million Qatar Riyals in October 2001.
The company’s objectives and activities include offering top-quality finance services
in conformity with international standards and in accordance with Islamic Shari’a
appropriate with the ambitions of all customer categories including individuals,
corporations and establishments. The company seeks to contribute in supporting the
various economic activities, which enhances the national development plans, as such
to become a substantial pillar in the national economic structure.
BUSINESS STRATEGY
First Finance has been established in Qatar as a first step with a strong determination
to satisfy the consumer financing requirements and explore the potential opportunities
in the various financing fields of the promising Qatari economy, such as vehicle
finance and the commercial deals and consumer finance services in general through
offering an Islamic alternative vs. the conventional patterns.
First Finance started where others have ended, as it represents the outcome of numerous
experiments and experiences in the field of Islamic finance, and seeks to fulfill
its customers requirements, depending on the distinguished performance of its elite
economists and expert businessmen deployed in its Board of Directors, besides the
expertise of its shareholders in the Gulf and International money markets, and the
qualified cadre of staff that run the core of the business, which is justifiably
equipped with the latest automatic information systems in running its operations.
The finance strategy adopted by the company is distinguished with flexibility and
consideration for privacy in the Qatari environment comparable to the strategies
and the major approaches currently available in the field of finance industry.
Our distinction enables us to cater for quick services to our esteemed customers,
and process transactions with the least paper-work, and accomplish the transactions
during the first visit of the customer; besides, there are no hidden charges in
our tariff structure, coupled with our commitment for demonstration of absolute
transparency and openness in our dealings.
Render distinguished, effective and competitive services to our clients within the
frame of thorough compliance with Islamic Shari’a provisions.
Availing a real Islamic alternative for the prevailing conventional pattern
in consumer and project finance, and this qualified us to become pioneers in the
field of Islamic financing services.
Utilize the homogeneous combination of the company’s dependence on the shareholders
expertise, keenness of the Board of Directors, and the efficiency of the work team
in the achievement of growth, and contribution in serving the national economy.
Engage and utilize state-of-the-art appliances in information systems for the processing
of finance services for projects and customer activities.
Due consideration is directed to the qualification and training of staff, and their
wage and remuneration entitlements, and in the meantime exert best efforts to give
added value to shareholder returns and investments.
COMPLIANCE WITH ISLAMIC SHARI'A PROVISIONS
Due to the belief of the company in the Islamic trend adopted, all its activities
and enterprises are subjected to Islamic Shari'a rulings, and conducted accordingly;
any deal or contract or agreement or form etc., would be duly reviewed, studied,
rectified and thereafter endorsed by Shari'a Supervisory Committee, which is formed
by four member considered to be renowned Islamic characters that are engaged in
similar Shari'a authorities, in addition to the appointment of reporter, and Shari'a
supervisor assigned for follow-up and implementation.
FINANCIAL CONTROL
Financial control plays a vital and active role in realizing the company
objectives, as it mobilizes the center where all data are converged from the various
activities, with the purpose of conducting control and issuance of financial reports
which reflect the company’s actual status and financial standing, in addition to
maintain the company’s assets and set up the financial indices that would help in
taking strategic decisions and financial planning by using budget valuation instruments,
and management and utilization of available financial resources to guarantee continuity.
LADIES SECTION
In the frame of applying the Shari'a methodology adopted by our company
and Qatari society, a special separate section for ladies has been instituted and
is designed to provide all financing services launched by the company with the same
benefits and terms, and the company was keen to equip the section with highly qualified
lady employees, with the primary target to render enhanced services that would satisfy
the ladies requirements in the State of Qatar.
FUTURE PERSPECTIVE
In this century which witnesses tremendous development in all walks of trade, economy,
communications, and global effects, it has become a must that Islamic financial
establishments would bolster its steps and marvelous success in the various markets
by serious performance to facilitate institution of coalitions and mergers that
are able to offer distinguished specialized services in the finance avenues, and
provide innovative Islamic financial solutions, that would prop up the economic
and social development pace especially in Qatar, and the Gulf at large. With this
ambitious perspective in mind, the First Finance proceeded along, since inception,
on achieving this aim, and made it a noble target for which it has worked with all
its might to interpret this perspective into a palpable reality through build up
of strategic alliances and entering into co-operation with financial establishments
and stimulation of honest competition spirit in the manner to serve the common goal.
The company contends that the future of Islamic finance and depends on its potentiality
to develop a number of additional specialized services, including innovative financing
solutions, re-financing, corporate structuring, joint finance in leased transactions
and the Islamic financial advisory services.
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Weather Index: Doha, Qatar
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24 °C |
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USD |
3.64 |
QR |
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EUR |
5.01 |
QR |
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GBP |
0.47 |
QR |
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SAR |
0.97 |
QR |
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AED |
0.99 |
QR |
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BHD |
9.68 |
QR |
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