Qatar Central Bank (QCB) has achieved significant milestone with the launch of the second phase of primary dealer (PD) framework, recording 29 deals with a total value exceeding QR2.8bn to date.

About 16% of the primary dealers' share was redistributed to investors on the first day of issuance, the QCB said.

"This activity marks one of the strongest trading performances in the Qatari secondary market, demonstrating strong investor confidence and high demand for Qatari riyal-denominated financial instruments," QCB said.

This was accomplished through the development of an advanced infrastructure for trading outside the stock market, significantly enhancing efficiency and transparency in the secondary market under the supervision and oversight of the QCB.

As part of its ongoing commitment to developing the local debt market and promoting Islamic finance instruments, the QCB introduced ljarah sukuk as an alternative to Murabaha sukuk.

This initiative aligns with international standards and enables these instruments to be traded, the QCB said.

Ijarah sukuk have witnessed widespread demand from both Islamic and non-Islamic banks, and have been traded alongside conventional bonds, reflecting growing confidence in Islamic financial instruments and the effectiveness of the new regulatory framework.

The PD frameworks seeks to strengthen the government securities issuance, enhance secondary market liquidity, and build investor confidence with further opportunities for participantion in future isduances.

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