Qatar First Bank (QFB), a Shari’ah compliant Qatari lender, is set to strategically reduce its workforce as part of a plan that seeks to optimise the bank’s resources and boost its efficiency.

In addition to layoffs, the plan will also include various other cost cutting measures. It will also capitalise on the bank’s human resources and maximise its experience to boost performance during 2016, the bank said in a statement.

QFB CEO Ziad Makkawi said: "In line with the current market conditions and in order for QFB to emerge as a more efficient and productive contributor to Qatar’s financial market, we have undertaken important cost rationalization initiatives touching upon both staffing and business related expenses. The efficiency measures are part of the bank’s planned reorganization, previously introduced and backed by an advanced automated and technology based infrastructure, to enable accelerating the shift from being investment focused to investor focused."

"The current direction to raise efficiency levels is part of our bigger plan, and actually complements our strategy, which benefits we have started reaping. We are committed to continue delivering on our promise to grow the business, expand our offerings, and provide a ‘Signature of Excellence’. We will continue investing in the coming years to achieve our objectives in a timely manner," Makkawi added.

The move comes a month after the bank announced the development of an open architecture private banking platform that will offer Shari’ah compliant products such as financing, private banking services, innovative investment solutions, and family office services.

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By GlobalData