| 05 May 2008 |
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Qatar to have Financial Regulatory Authority in six months: Minister
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Doha - The Financial Regulatory Authority is likely to be established in the first half of this year, but a transition period of about two years is envisaged in order to facilitate a smooth transition to a single regulatory regime. This was stated by Minister of Finance and Acting Minister of Economy and Commerce H E Yousuf Hussein Kamal in an exclusive interview to be published in the forthcoming Oxford Business Group's (OBG) 'The Report: Qatar 2008'.
The global publishing, research and consultancy firm OBG is currently celebrating the 5th book on Qatar in which Yousuf Hussein examines the Qatari financial sector. Explaining the reasons for making a move to consolidate and restructure the regulatory bodies within the financial sector in Qatar, he said: "Having a strong, independent and transparent financial regulatory regime is vital for a sound and well functioning financial service industry. Thus, a decision was taken to combine the supervision and regulatory aspects of all financial institutions under one regulatory body."
Referring to foreign investors, he said the door was open to foreign investors to participate in all companies listed at the Doha Securities Market (DSM)Doha Securities Market (DSM)
including the banking sector in April 2005, with an upper limit of 25 per cent. In order to accommodate increased foreign investors' demand, he said, a number of DSMDSM listed companies including financial institutions are in the process of obtaining regulatory approval to increase the current limit of 25 per cent to 49 per cent. He also stressed the importance of the transparency policy developing in Qatar. He said: "Financial institutions have to comply with a number of requirements including the timely issuance of financial results whether they are audited or reviewed, having regular meeting with analysts, and advising the DSMDSM of any news that may impact the stock performance. In addition, rules that govern the relationship with members of the board of directors and senior management are strictly enforced."
The number of financial institutions that offer Islamic banking services and products have increased substantially, with assets growing by about 15 per cent annually reaching around $500bn, he said. "Growth prospects in the medium term are also very encouraging as more innovative products are being offered, with a growing acceptance and usage of Shariah compliant products and services in several markets including developing countries," he said.
© The Peninsula 2008
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