Page 11 - Annual Report 2021 EN

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Chairman’s Statement
I am pleased to present the QFCRA’s Annual Report for 2021,
which highlights the work undertaken by the QFCRA to ensure
that the Qatar Financial Centre (QFC) continues to support and
attract foreign direct investment in Qatar, while delivering
global best practice in financial services regulation, protecting
customers and combating illicit finance.
The 2021 Annual Report highlights the strong cooperation
between the three regulators undertaken through the
Financial Stability and Risk Control Committee, a joint strategy
\for financial sector regulation and close working level
coordination. The strength of engagement has been central
to advancing Qatar’s financial sector, particularly in areas of
AML/CFT, policymaking, consumer protection, supervision of
financial services firms and building national human capital
and to accomplishing the overall objectives of the Second
Strategic Plan for Financial Sector Regulation (2017-2022).
Key initiatives led by the QFCRA include ongoing updates
to its prudential banking framework, thematic supervisory
reviews on key risk areas, updating its AML/CFT sectoral
risk assessment and participating in working groups with
international organisations on Islamic finance, FinTech and
sustainability. QFCRA continued to build capacity using new
technology, including migration to the cloud, developing
machine learning and artificial intelligence.
The QFCRA and its Board of Directors extends its gratitude to
His Highness The Amir, Sheikh Tamim Bin Hamad Al-Thani, to
His Highness The Deputy Amir, Sheikh Abdullah Bin Hamad
T ABLE OF C ONTENT S
Al-Thani and to H.E. The Prime Minister and Minister
of Interior, Sheikh Khalid Bin Khalifa Bin Abdulaziz Al-
Thani for their continuous support and assistance. The
QFCRA is also grateful to all Ministries and government
bodies for their support of, and co-operation with, the
QFCRA in the discharge of its mandate.
On behalf of the Board of Directors, I would also like
to express my gratitude to H.E. Abdulla Bin Saoud
Al-Thani, the former Governor of the Qatar Central
Bank, for his significant contributions to the QFCRA
as Chairman of the Board since 2012 and to the
wider financial sector in Qatar. With his vision and
leadership, he transformed the financial services sector,
and under his patronage initiated and adopted the
first and second Strategic Plans for Financial Sector
Regulation. I also extend my appreciation to H.E. Sheikh
Mohammed Bin Hamad Bin Qassim Al-Abdullah
Al-Thani, former Deputy Chairman of the QFCRA Board,
for his guidance and leadership since June 2018.
His Excellency Sheikh Bandar
Bin Mohamed Bin Saoud Al-Thani
Governor of the QCB
Chairman of the QFCRA