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QFC’s 2023-30 expansion strategy to focus on fintech, Islamic banking sectors

QFC's 2023-30 expansion strategy to focus on fintech, Islamic banking sectors

The Qatar Financial Centre (QFC) is soon coming up with its 2023-30 approach, which is aimed at creating regional capital markets, presenting new financial items, and creating contemporary electronic systems.

Even more, the brand-new approach will focus more on fintech and Islamic banking markets, in addition to specialist markets worried about the top quality of work, QFC Authority (QFCA) president Yousuf Mohamed al-Jaida told Qatar Television in the latter’s ‘Nabd Al Eqtisad’ program.

The seven-year method will certainly concentrate on sectors of focus for Qatar via close cooperation among the QFC, the Qatar Reserve Bank, the Qatar Financial Market Authority, and also other stakeholders, in accordance with ideal international digital standards adhered to in the monetary market, he stated.

Discovering that today international economic conditions remain to affect business development plans; al-Jaida stated there is a demand for more concerted and also unified initiatives to benefit from the broad popularity and also excellent reputation Qatar takes pleasure in currently after hosting the 2022 FIFA Globe Cup to advertise the nation as a first-rate hub for straight foreign investments.

He likewise emphasized the vital duty the legal and judicial environment in Qatar plays in drawing in capitalists to the neighborhood market.

In this regard, he highlighted that the QFC-based Qatar International Court and also Disagreement Resolution Centre administer enforceable and also fair judgments in accordance with global best techniques within a brief duration from a week to six months, provided by a notable panel of the neighborhood and also international courts.

The QFC authorities likewise revealed the upcoming relocation of two of the world’s largest banks – UBS and Credit Report Suisse – to open headquarters in Lusail, where their workers will be transferred from various other locations and also branches to Qatar over the next-three-months to a-year-and-a-half period.

Lately, al-Jaida said the QFC system currently has greater than 1,500 regional and global businesses operating in the financial as well as non-financial balls with complete assets amounting to $28.3 bn.

With regard to the countries that are taken into consideration as the largest resource of direct financial investments in Qatar, he said the US is the largest international capitalist in Qatar, adding that QFC has actually experienced investment streams from 48 nations in the center East, Asia as well as Europe during the initial fifty percent of 2022.

Last Updated:  11 January 2023

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