Qatar Financial Centre (QFC)

QFC joins Islamic Financial Services Board

The Qatar Financial Centre (QFC) has been admitted to the international standard-setting organisation, Islamic Financial Services Board (IFSB), as an Associate Member. As an Associate Member, the QFC can participate in the IFSB General Assembly, receive technical assistance from the IFSB and participate in Working Groups, Task Force and closed-door discussions. The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta welcomed QFC and reaffirmed the board's committment to promoting resilience and the stability of Islamic financial services.

HBKU’s College of Islamic Studies calls for research papers

The College of Islamic Studies at Hamad Bin Khalifa University (HBKU) has announced a Call for Papers for its International Conference on Islamic Finance and Circular Economy. The conference is jointly organised with the Qatar Financial Centre (QFC) Authority and will take place from December 3-5 in Doha. During the three-day conference, attendees will examine the emergence of a circular economic paradigm in recent years, exploring the means, processes and incentives to learn from nature and to minimise waste. Scholars are invited to submit their papers on topics such as: Circular Economy: An Islamic Perspective; Circular Economy: Concepts, Models - Challenges and Opportunities; Circular Economy and Islamic Finance; Circular Economy: Urban Innovative Actions and Design; and Transition to Circular Economy: Case Studies. Both Arabic and English manuscripts will be accepted.

#Qatar’s QR25bn worth #sukuk to mature soon

Almost half of Qatar’s outstanding sukuk, worth of over QR25bn, will mature in 2018. With the ongoing growth of Shariah-compliant institutions, new issuances are vital. If no sukuk are issued in the country to replace the maturing ones, Shariah-compliant investors might look to other sukuk investments outside Qatar. According to the joint research of Qatar Financial Centre (QFC), Thomson Reuters and Islamic Research and Training Institute (IRTI), retail sukuk remains an untapped segment in most of the countries in GCC. Qatar can capitalise on selling sukuk to the retail market to promote both the primary and secondary capital market. Financial institutions have been leading corporate issuance in the GCCIn Qatar, Ezdan Holding Group is the only corporation outside financial institutions to issue sukuk. Ijarah continues to be the most popular sukuk structure in Qatar. However, Qatari corporate sukuk have all been issued based on wakalah structure, which has been gaining popularity in the recent years.

#Roundtable throws light on greater understanding of Islamic finance

Hamad Bin Khalifa University (HBKU) and the Qatar Financial Centre (QFC) jointly organised the event entitled Shariah Governance in a Globalized World. It featured over 50 experts comprising Shariah scholars, Islamic finance professionals, academics, practitioners and regulators. Issues regarding Islamic jurisprudence were discussed as well as contemporary best practices in the corporate governance of banks. Some participants offered proposals on reforming models of Shariah governance of Islamic banks. Dr Haitham Mohamed Al Salama, chief economic adviser at the QFC, said contributing and collaborating in the field of Islamic finance was a key goal for the QFC. He added that such events were part of QFC's strategy to develop a world-class international business sector in Qatar.

Islamic finance key to #GCC funding needs in the 'new oil order'

According to the chief economic adviser of the Qatar Financial Centre (QFC), Islamic finance will need to play a pivotal role in meeting the increasing demand for funds by the Gulf Cooperation Council (GCC). Dr Haitham al-Salama said oil prices are not likely to exceed $100 in the near future and are forecast to stay around the $55-$65 per barrel. Also, a spike in the shale oil production is expected, which will push the prices down. He added that this puts further emphasis on the economic diversification efforts of oil producing countries, particularly in the GCC. Qatar has already taken various measures to diversify the economy, which includes lowering the subsidies and cost optimisation apart from prioritising planned spending. Finance Minister HE Ali Sherif al-Emadi had recently said Qatar would be spending another QR46bn in 2017 to upgrade its infrastructure in the run up to 2022 FIFA World Cup.

Qatar regulator seeks to extend Islamic window ban

A consultation paper released this week announces a proposal by Qatar's regulator for extending its ban on onshore banks operating Islamic windows in order to make financial institutions part of the Qatar Financial Centre (QFC). Islamic windows enable conventional banks to offer Islamic financial services. The only prerequisite is that clients' money is segregated from the rest of the bank. An extension of the ban is expected to prevent conventional banks from taking advantage of the QFC.

Read more on: http://www.reuters.com/article/2012/10/11/islamic-finance-qatar-idUSL6E8...

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