Foreword

The aim of Qatar National Vision 2030 (QNV 2030) is to transform the State of Qatar into an advanced country by the year 2030 and it foresees a vibrant and prosperous Qatar, sustaining its development and providing a high standard of living for all its people.
 

QNV 2030 rests on four pillars which are Human, Social, Economic, and Environmental Development. The financial sector has an important role to play in realising the goals of QNV 2030. In this regard, the State has set a series of targets, to be achieved in five year periods, known as the Qatar National Development Strategies (QNDS). QNDS 2011 – 2016 has identified programs and projects for implementation as part of QNV 2030.

The Qatar Central Bank (QCB), working closely with the Qatar Financial Centre Regulatory Authority (QFCRA) and the Qatar Financial Markets Authority (QFMA), has been developing the Strategic Plan that is to be implemented from 2013 – 2016, thus allowing the State of Qatar's regulatory authorities to be in line with both QNDS 2011 – 2016 and QNV 2030. The Strategic Plan is also consistent with the requirements of two recently enacted laws impacting the financial sector regulatory framework of the State: Law number (13) of 2012 - Law of the Qatar Central Bank and the Regulation of Financial Institutions, and Law number (8) of 2012 on the Qatar Financial Market Authority. Enactment of these laws is in pursuance of the objective of building a resilient financial sector for the State of Qatar that operates to the highest international standards of regulation and supervision. The Strategic Plan for Qatar's regulatory authorities is the comprehensive and wide-ranging culmination of the hard work of the three regulatory authorities as well as extensive analysis, consultations, benchmarking and is also based on best practices in financial regulation.

The lessons learnt from the financial crisis of 2008 – 2009 have proven to be a catalyst for international standards bodies, as well as organisations such as the IMF, to review their entire approach to regulation. We in the State of Qatar were cognisant of this when preparing the Strategic Plan, which includes increasing the involvement of Qatar's regulatory agencies in the work of international standard setters in this period of change.

Under the wise leadership of H.H. The Emir, Sheikh Tamim Bin Hamad Al Thani, Qatar's economy has continued to exhibit strong growth. This has resulted in the banking sector expanding year on year, thus a priority for the coming years is to strengthen the regulatory framework for banks and capital markets.


The most important asset of any organisation is its people. Qatar strives to become a knowledge-based economy and the development of human capital is one of the four pillars of the Qatar National Vision 2030. The leadership of the three regulatory authorities is fully committed to developing the quality of the financial regulation professionals in the State, and special attention has been given to this vital area in the Strategic Plan.

Going forward, the three regulatory authorities will continue to work closely together; therefore effective co-operation between the three agencies is essential. To this end, the College of Supervisors, which includes senior managers from the QCB, QFCRA, and the QFMA, was recently set up to harmonise regulations and enhance co-operation. The Strategic Plan also examines ways to further boost the collaboration between the three regulatory authorities.

Ultimately, we must remain true to our values. In this era of unprecedented change and economic growth, the opportunities in the State of Qatar are limitless but we must be careful and prudent when charting our path over the coming years.

The Qatar Central Bank would like to extend sincere thanks and express gratitude to H.H. The Emir Sheikh Tamim Bin Hamad Al Thani, and to H.E. The Prime Minister and Interior Minister Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani for their continued support. The Qatar Central Bank would also like to thank government entities, banks and other financial institutions operating in Qatar.

Thank you for taking the time to read the Strategic Plan.

 

Abdulla Bin Saoud Al Thani
Governor of Qatar Central Bank