Strategic Goal 1:Enhancing Regulation

Islamic financial institutions and Islamic financial markets have expanded significantly over the past decade. A broader range of Shari’a compliant products has become available, and now covers almost the entire product range provided by conventional financial institutions and markets. In turn, customers of Islamic financial services have grown dramatically and include governments, corporations and individuals. In the case of Qatar, Islamic banks have expanded in both their volume of activity and customer base. Moreover, Qatar has emerged as a leader in the issuance of Sukuk instruments, which will pave the way for further development of Islamic debt and equity markets.

Islamic banks operate under two regulatory regimes: the QCB and the QFCRA. Some Islamic banks are listed on the Qatar Exchange and are therefore also subject to QFMA regulations. In order to foster the continued development of Islamic finance, the three regulatory authorities will develop a common approach to legal issues and harmonise regulatory and supervisory practices.