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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 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 Qatar Financial
Centre Law No. 7 of 2005 (the QFC Law).
The QFCRA is a corporate body owned and funded
by the State of Qatar and reporting 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.