Qatar launches third financial sector strategy (Al Jazeera)

Doha with 4 pillars and 5 axes Qatar Central Bank (QCB) launched on Monday the third strategy for the financial sector of the State of Qatar, which aims to activate the role of Islamic finance to make Doha a destination for Islamic financial services and achieve the growth of this promising sector.

The third strategy for Qatar's financial sector is based on 4 pillars: the banking sector, the insurance sector, the digital financial services ecosystem, and the capital markets.

The third strategy is based on governance and regulatory oversight, Islamic finance, digital innovations and advanced technology, environmental, social and corporate governance (ESG), sustainability, and talent.

QCB Governor confirms that the new strategy meets all requirements (Al Jazeera)

Investor Protection

Qatar Central Bank Governor Bandar bin Mohammed bin Saud Al Thani said, "Today we announce the launch of our third strategy for the financial sector, to support our economy and financial institutions, and to activate the role of the financial sector to be characterized by innovation and efficiency and provide solutions that protect the investor and help growth."

He added during his speech at the launch ceremony of the third strategy for the financial sector that "our strategy today contributes to the development of banking services, including advisory, investment and financing services and meets the internal and external needs, and the aspirations of citizens, residents and foreign investors."

Bassel Jamal, CEO of Qatar Islamic Bank, said that the third strategy is inclusive and transparent and works on all financial sectors in the State of Qatar.

The CEO of Qatar Islamic Bank confirmed in an interview with Al Jazeera Net that estimates indicate a rise in the total contribution of the Qatari financial sector by about 45% to reach about 84 billion riyals ($ 23 billion), noting that the Governor of Qatar Central Bank confirmed the possibility of reaching this figure.

Bassel Gamal confirmed that the time frames of the third strategy have advanced future performance indicators (Al Jazeera)

Market Monitoring

He added that the timeframes of the third strategy have advanced future performance indicators based on professional market monitoring and will be a reflection of the aspirations of strong growth in the coming years, noting at the same time that the new strategy will support Qatar's position as a depository center and a global destination for distinguished financial services.

Governance and regulatory oversight is one of the most important pillars of the third strategy of the financial sector of the State of Qatar, and in this regard, Khalid Saif Al-Sulaiti, Director of Governance and Disclosure Department at the Qatar Financial Markets Authority, said that Qatar seeks to diversify and innovate in the financial sector in line with its National Vision 2030.

Al-Sulaiti added, in an interview with Al Jazeera Net, that the new strategy is based on diversity and innovation in the financial services sector, governance and regulatory oversight, as a key pillar of the Qatari economy, as well as enhancing the country's attractiveness to foreign direct investment and attracting competencies, which contributes to building a knowledge-based economy.

Part of the participants in the launch of the new strategy (Al Jazeera)

New controls

Al-Sulaiti pointed out that the third strategy of the financial sector coincides with Qatar's announcement of the new controls for the distribution of profits to companies for the first time in the region, pointing out that this will achieve for investors in the stock market a periodic return (every 3 months) on the value of their investments instead of waiting for the return at the end of each fiscal year.

The Director of the Governance and Disclosure Department at the Qatar Financial Markets Authority stressed that the new regulations in the Qatari market will contribute to re-injecting part or all of the profits distributed in the market periodically during the fiscal year, in addition to increasing market activity, and attracting a new type of investors to the stock market.

The third strategy for the financial sector provides a clear roadmap that contributes to identifying opportunities and overcoming the challenges expected in the coming years, as this strategy, which has been prepared in accordance with international standards, is characterized by a comprehensive approach aimed at strengthening the financial sector, promoting the growth of the national economy, and achieving financial stability through the development of a robust and effective supervisory framework.

An ambitious vision

QNB Group CEO Abdulla Mubarak Al Khalifa said that the launch of the third strategic plan for the financial sector represents a clear path and an ambitious vision to raise the competitiveness of the financial sector, enabling it to continue to provide strong and comprehensive support to various economic sectors, which in turn will contribute to achieving the country's economic and development policies within the Qatar National Vision 2030.

He pointed out that through the review of the main items of the third strategic plan, it became clear that it was prepared according to a holistic approach based on 4 main pillars for the development of the financial sector, including banking services, the insurance sector, the digital finance system and capital markets, and these pillars support 5 common axes that take into account developments in banking around the world, and they also define performance indicators to monitor and measure progress.

He explained that the new strategy included a realistic review and assessment of the current situation of the level and diversity of financial services and products in Qatar and the trends of the financial sector compared to what is being worked on in the region and global capital markets, and thus this plan highlights the opportunities available in terms of products, services and digital solutions for a wide range of customers, whether at the level of individuals, institutions and companies of all sizes and fields of business.

Source : Al Jazeera