Qatar First Bank (QFB) has acquired the seventh Sharia-compliant real estate investment in the US in Ohio. The bank acquired the first phase of the CoverMyMeds campus headquarters for an undisclosed amount. The building, which is 218,000 square foot completed construction this year. The bank fully leased the building for ten years to the unit of McKesson Corporation- CoverMyMeds. This deal acts as a trophy asset to the shariah-compliant bank. It is a tremendous addition to the investment portfolio of the bank, which will ensure stable cash flows. The purchase will also offer recurring dividends to the investors. This venture follows a list of deals by QFB like the BSN Sports HQ building in Texas, Waterway Plaza I in Texas, the 90 North Campus (T-Mobile) building in Washington, and The Grand 2 in Arizona. The second phase will be completed in 2022 fourth quarter.
The bank announced the acquisition of phase 1 of CoverMyMeds Campus Headquarters in Columbus, Ohio, in the USA. Qatar First Bank (QFB), the first independent Sharia-compliant bank listed on the Qatar Stock Exchange (QSE: QFBQ), gained profits of QAR 20.6 million in the first quarter, ended on 31st March 2021. Additionally, the other income sources increased by 355%, achieving QAR 7.7 million, compared to QAR 1.7 million in the previous year. With proper control and rationalization, the total expenses were 45% less, reducing the costs to QAR 22.7 million. From the Sukuk investments, the banks received an income of 2.5 million.
CoverMyMeds is a software company that develops a platform enabling automation for prior authorization processes that few health insurance companies require. The web-based Prior Authorization (PA) provider helps pharmacists and physicians. It cuts down the paperwork with an electronic paperless workflow that improves efficiency with low prescription abandonment. It enables the healthcare providers by reducing the time from hours to minutes per week. The company’s annual revenue is over USD 200 billion.
The bank has been expanding its footprint in the US real estate market and is gaining recognition on an international level. With the due diligence of the team members, the bank can operate at par with its competitors. The bank is one of the leading Sharia-compliant investment partners to help the regional investors cross the threshold of international markets. The bank offers prospects for investment on a private placement basis to investors who qualify and meet the requirements of the QFC Regulatory Authority (QFCRA).