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least of which is ensuring that
we have strong coordination
and cooperation among our three financial regulators. I am pleased to note how well that cooperation has gone in the three years since we adopted our joint regulatory strategic plan, the first of its kind in Qatar, resulting in a number of benefits that serve our country well.
We have worked closely together to develop regulatory policies, adapting our rules to international standards, sharing expertise and resources and, through the Financial Stability and Risk Control Committee, establishing an institutional framework that positions us to monitor and address risks to the financial system.
The Regulatory Authority
has played an important
and vital role in this process. Initiatives have included redesigning its supervision model, its data collection and
a focus on developing tools
to enable effective macro- prudential supervision. Recent enhancements to its regulatory framework in banking, Islamic finance and investment management have contributed, not only to the improvement
of the regulatory environment
for Qatar Financial Centre authorised firms, but also assisted in developing models that are more valuable on a broad level to Qatar’s regulatory community.
A highlight of 2015 was also the launch of the Renminbi clearing and settlement centre in Qatar, the first such in the MENA region. This initiative will lead to greater opportunities for the financial services sector in both Qatar and the region to pursue and benefit from enhanced trade and investment with China.
The successes and achievements of the Regulatory Authority evidenced in 2015 (and throughout its first decade)
were made possible through both the guidance of my fellow
CHAIRMAN’S STATEMENT
This year marks the 10th anniversary of the establishment of the Qatar Financial Centre. The past ten years have witnessed
an era of unparalleled progress in Qatar, notwithstanding the persistent after-effects of the global financial crisis and the various headwinds and downside risks that continue to emerge
in the global economy. These issues have served to remind us of just how important a strong and resilient financial system is
to ensuring that the economy is protected against shocks and imbalances that could threaten its long-term growth prospects.
I am pleased, as I look back on the last 10 years, to acknowledge and recognise the significant contribution that the Regulatory Authority has made both to the Qatar Financial Centre and to the broader Qatar regulated financial sector. Qatar’s economy has continued to perform exceptionally well over the last few years and creating a resilient financial system and a robust regulatory framework to support it depends on many things, not
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