Doha Bank inks QE ETF deal with Amwal, The Group

Publisher: Qatar Tribune

Date : 09 March 2015

Doha Bank on Sunday said it plans to launch an Exchange Traded Fund (ETF) on Qatar Stock Exchange (QSE) with Amwal 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 on Sunday in the presence of Doha Bank Group CEO R Seetharaman, QSE CEO Rashid al Mansoori and Amwal CEO Fahmi Alghussein.
Seetharaman said,"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."
He said The Group Securities will provide regular bid and ask prices and interact with the fund manager to manage the supply of ETF units on QSE. Amwal Asset Management's successful track record in Qatar since 1998, will ensure the ETF passively managed strategy is in line with global ETF standards.
Mansoori in his remarks welcomed the regulatory filing and congratulated the partners on being the first to licence QE index for use as an ETF benchmark.
He said,"The ETF, 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."
Sheikha Hanadi Nasser bin Khaled al Thani, Founder and Chairperson of Amwal, in a statement said,"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."
Hamad al Maadadi, Chairman of The Group, said,"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."