Strategic Goal 1:Enhancing Regulation

In response to the global financial crisis, there has been a fundamental review of global regulatory and supervisory standards and most countries have been strengthening regulation and supervision of financial institutions and capital markets. Similarly, the QCB, QFMA and QFCRA aim to strengthen further the regulatory framework in Qatar. It is imperative to enhance the risk-based approach to regulation as well as to maintain stability and reduce related risks. There will also be increased focus on policies that improve transparency and disclosure practices in the financial services sector.

In addition, the new QCB Law gives the QCB the mandate for regulating insurance companies outside of the QFC, and the QCB will implement insurance regulations also that are in line with international best practice. The regulatory framework for Islamic finance will be strengthened to encourage the development of this important sector.

As each regulatory authority strengthens its regulations, they will do so in a manner that ensures consistency of application and common purpose. They will focus on the following areas: