Qatar First Bank, Qatar’s first independent Shariah-compliant bank regulated by the Qatar Financial Centre regulatory authority, has said that it will launch wealth management services.

As part of its long-term strategic plan to become an independent Shariah-compliant financial institution offering a full suite of products and services, in March 2013, QFB changed its name from Qatar First Investment Bank. In line with the changes, the bank’s new wealth management services will work in addition to its current savings offering, sitting alongside services including principal investments, asset management and corporate finance advisory.

To offer its wealth management services, in the third quarter of 2013 QFB will open its first branch targeted at high net worth individuals and designed to meet the full range of their banking, savings and investment needs, the firm said in a statement.

In other recent developments, last month Qatar First Bank appointed Allen International, a UK-based strategic brand and retail consultancy, to create a concept for its first branch. The branch will communicate the bank’s new positioning and create an icon for the QFB brand by enhancing its profile amongst its HNW and corporate clients in Qatar and the MENA region, the statement added.