Page 6 - Annual Report 2021 EN

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Introduction

The Qatar Financial Centre (QFC) is an onshore financial and
business centre established by the Government of Qatar in

2005 to attract international banking, insurance business,

and other financial services in order to grow and develop the

financial services sector in Qatar and the region.

The QFC offers domestic and international firms the opportunity

to establish a broad range of banking, investment management,

and insurance businesses under a legal and regulatory regime
aligned with international best practice. The Qatar Financial

Centre Regulatory Authority (QFCRA) is the independent

regulator of the QFC, which authorises and regulates firms and

individuals conducting financial services in or from the QFC,

as established by the Qatar Financial Centre Law No. 7 of 2005
(QFC Law) .

The QFCRA is a corporate body owned and funded by the State
of Qatar and reports to Qatar’s Council of Ministers, which

appoints its board. Pursuant to the law establishing the QFCRA,

the QFCRA has financial and administrative autonomy from the

State. It has an independent budget and the laws of the State

regarding the general budget of the State and its ministries do
not apply to the QFCRA. The QFCRA has built a principles-based

regulatory regime, embracing transparency and accountability.