QFB announces the resignation of Ziad Makkawi as its Chief Executive Officer

The Board of Directors of QFB LLC (Public) announced today the appointment of Mr. Khaled Abdullah Al Khoori, as the new Acting CEO pending regulatory approvals. The Board of Directors of QFB has approved the resignation of Chief Executive Officer Mr. Ziad Makkawi during his last meeting, and thanked him for his efforts during the previous period and wished him success in his future plans.

Al Khoori took the helm of Al Hilal Bank in December 2015 following his appointment as CEO. As the head of one of the fastest-growing Islamic banks in the UAE, Al Khoori brought to the bank his extensive years of valuable professional experience in the Banking and Investments industry to help steer the organization’s future direction and growth. Prior to joining Al Hilal Bank, Al Khoori played numerous key roles at the Abu Dhabi Investment Authority (ADIA), as he was the Director of Real Estate and Infrastructure Department, managing the firm’s strategic global relationships and investment.

In addition, Al Khoori was the Director of the Private Equity Department for three years, where he focused primarily on US/Europe mega funds, buyout funds, Secondary Market investment in PE, Distressed Credit Investments during the Global Financial Crisis. Al Khoori served as Vice Chairman of Abu Dhabi Islamic Bank (ADIB), Chairman of National Takaful Company (Watania), and founding board member of QFB. Khaled graduated Summa Cum Laude from Boston University, US, where he earned his Bachelor of Science in Business Administration (BSBA). He also completed a General Manager Program (TGMP) from Harvard Business School in 2005.

Abdulla Bin Fahad Bin Ghorab Al Marri, QFB’s Chairman, said:

“We would like to welcome Khaled Abdullah Khoori as the Acting CEO of QFB, and roll out the strategy of establishing a leading Shari’ah Compliant Bank. Together, we will continue to build on our successes in the Private Equity area and broaden the services we offer to our clients and shareholders. We are excited about having Khaled as an Acting CEO, especially after knowing him as one of the bank’s board members. Khaled brings a depth of experience and we are confident that he will lead the team and grow the Bank to new heights, God willing”.

Mr. Al Marri added:

“We would like to thank Mr. Ziad Makkawi for his contribution and his achievements to the Bank. We wish him continued progress and prosperity, and success in his future endeavors. ”

Under Makkawi’s leadership as the bank’s CEO since June 2015, QFB witnessed strategic achievements marked by the launch of the new strategy that streamlined the business to offer Shari’ah compliant services including alternative investments with a focus on Private Equity and Real Estate, as well as Corporate & Institutional banking, Private Banking & Wealth Management, Treasury & Investments. During his tenure, Makkawi led several milestones for the bank most significant of which was listing the bank’s shares on the Qatar Stock exchange. In addition he oversaw the establishment of an open architecture platform for Private Banking services and transformed the organization from an inward focused investment house to a client focused financial institution. The bank also launched several innovative structures and products catering to its high net worth and institutional client base.