About Us
About Us
First Leasing Company (FLC) is a diversified leasing and asset-backed financing provider domiciled in the state of Qatar, incorporated in April 2008 under the 2002 Qatari Commercial Law Number 5. In July 2010 FLC shares were 100% acquired by Dukhan Bank, one of four (4) incumbent Islamic banks in Qatar. Dukhan Bank also acquired 100% shareholding in The First Investor (TFI) and First Finance Company (FFC) during 2009-10. In 2011 Dukhan Bank and its three wholly-owned subsidiaries established a post-merger integration (PMI) strategy and operating plan in collaboration with Bain & Company consulting. Dukhan Bank Group ownership lineage extends to the Qatar Investment Authority, Qatar’s sovereign wealth fund.
Company Registration
| Legal Name: | First Leasing Company Q.S.C. |
| Legal Status: | Closed Qatar Shareholding Company or private joint stock company |
| Company Registration: | 38915 |
| Registered Office: | Dukhan Bank Building, M Level Grand Hamad Street Doha, State of Qatar |
| Date of Incorporation: | 21-April-2008 |
| Paid-Up Capital: | QR 280 Million |
| Ownership: | Wholly-owned by Dukhan Bank Q.S.C. |
| Board of Directors: | Chairman, CEO, COO and GM of Dukhan Bank and Board Director of Dukhan Group (five total directors) |
Ownerships and Affiliates
Dukhan Bank – founded in 2007, Dukhan Bank is one of only four Islamic banks to be licensed and regulated by the Qatar Central Bank (QCB). Dukhan Bank provides a full range of Shari’ah compliant banking services including retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments and asset management . Dukhan Bank acquired in 2009, 100% of The First Investor Q.S.C. (TFI), the largest closed shareholding Qatari investment banking firm in Qatar . In July 2010, Dukhan Bank acquired 100% of both the First Finance Company (FFC) and First Leasing Company (FLC). The combined Dukhan Bank Group provides universal banking capabilities to its customer base.
The Shari'ah Board
As an Islamic company adhering to all financial principles under Shari’ah law, First Leasing Company has appointed a Shari’ah Supervisory Board, made up of three eminent Islamic scholars::
- Sheikh Dr. Sultan Ibrahim Al Hachimi
- Sheikh Dr. Osama Qais S. Al Dereai
- Sheikh Hamad Bin Mahmood Al Mahmood
The board ensures that all transactions, procedures, products, templates, and services carried out by FLC are in strict compliance with Shari’ah principles and corrects any unwitting breaches. The Shari’ah Supervisory Board also analyzes contracts and agreements and unprecedented situations that are not covered by fatwa in FLC’s transactional procedures or as reported by the company’s different departments and by its customers to ensure Shari’ah compliance. Before FLC develops any new product or implements any new procedure, the supervisory board proposes new templates, products, procedures, and transactions while remedying any procedures that may violate Shari’ah principles.
On a yearly basis, the board prepares a Shari’ah compliant annual report on First Leasing Company’s financial performance and analyzes the company’s administrative decisions, issues, and other matters that require the Board of Director’s approval.