Qatar's QInvest has appointed its deputy chief executive, Tamim Hamad Al-Kawari, as its new chief executive, following the resignation of former CEO Shahzad Shahbaz.

Prior to joining QInvest, Al-Kawari was managing director and country head for Qatar at Goldman Sachs. Under his leadership at QInvest, the bank expanded its global footprint from the UK to India, with strategic investments in Panmure Gordon and Ambit Holdings, the firm said in a statement.

It also launched new offices in Riyadh and Istanbul and, most recently, entered a joint venture with EFG Hermes, which is pending regulatory approval.

The EFG Hermes-branded venture will be 60 and 40 per cent owned by QInvest and EFG's holding company respectively. The deal is said to create the largest investment bank across the Middle East and North Africa region - aided by the $250 million which QInvest is injecting into the effort - while pulling in brokerage and asset management operations.

"We are very excited about the continuing growth of Shariah finance both in the region and abroad," said H E Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al-Thani, chairman at QInvest. "Now, we hope to finalise the strategic alliance with EFG Hermes businesses and to grow the new joint venture as a model for success in Qatar, Egypt, the region and beyond."

Shahbaz will remain at the firm for a period of time to ensure a smooth transition of duties.