Page 6 - Annual Report 2022 EN

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Introduction

The Qatar Financial Centre (QFC) is an onshore

financial and business centre established by the

State 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 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 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.