Page 10 - Annual Report 2017

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A SHARED STRATEGY FOR The plan’s five strategic goals are: to enhance financial sector
regulation and promote regulatory co-operation; to develop
FINANCIAL REGULATION financial markets and foster financial innovation; to maintain
integrity of, and confidence in, the financial system; to promote
financial inclusion; and to develop human capital.
Issued in 2017, the Second Strategic Plan for Financial Sector
Regulation 2017-2022 in Qatar provides the financial community With strategic goal 1, to enhance financial sector regulation and
and policymakers in Qatar with a clear roadmap to navigate the promote regulatory co-operation, the plan stipulates the need for
opportunities and challenges that lie ahead to 2022. It continues Qatar’s financial regulations to be benchmarked to international
and expands upon the work that began in 2013 with the First regulatory standards as a means to promote financial stability and
Strategic Plan for Financial Sector Regulation 2013-2016. to support long-term sustainable growth.
Qatar’s three financial regulators, the Qatar Central Bank, the Qatar Strategic goal 2, to develop financial markets and foster financial
Financial Markets Authority and the Regulatory Authority, share the innovation, has market infrastructure initiatives at its heart.
plan’s mission: to deliver a robust and efficient financial regulatory The plan calls for the Qatar Central Bank, the Qatar Financial
framework that supports economic prosperity, safeguards financial Markets Authority and the Regulatory Authority to introduce an
stability and is aligned with international best practice. extended range of instruments to manage domestic liquidity and
promote secondary market development. This goal leverages the
As well as the mission, the shared vision, values and strategic goals benefits of FinTech and green financing to create an environment
underpin a common approach to strengthening the financial sector that facilitates innovation in the financial sector while minimising risk.
and fostering strong and stable economic growth over the coming
five years. The strategic plan was developed within the context of To maintain the integrity of Qatar’s financial system, as well as
the overall objectives of both the Second National Development confidence in its workings, the objective of strategic goal 3 is
Strategy 2018-2022 and the Qatar National Vision 2030. to ensure that the State’s financial institutions and markets are
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resilient, self-reliant and provide a platform for future growth in a under-served populations and businesses.
sustainable manner.
Developing human capital, strategic goal 5, addresses Qatar’s
Qatar is committed to combating illicit financing and ensuring growing young population, a key resource for long-term sustainable
that financial sector information and infrastructure are safeguarded growth and a focus of the Qatar National Vision 2030. The regulatory
from cyber incidents. This goal also supports thethe National Anti- authorities are committed to the development of young Qataris in
Money Laundering and Combating the Financing of Terrorism the banking and financial sector and to equipping them with the
Committee (NAMLC) AML/CFT strategy and implementation required skills through specialised programmes and effective talent
of the new Financial Sector Information Security Strategy to management. The dedicated professionals that emerge as a result
mitigate cybercrime. of these actions will ensure a strong pipeline of leadership that will
serve Qatar’s finance sector for decades to come.
Strategic goal 4 promotes financial inclusion and literacy as
a key policy to drive sustainable growth, create employment In addition to building deeper and more resilient capital and
opportunities, reduce inequality and safeguard financial stability. financial markets, the accomplishment of these goals will assist in
This goal considers supply-side measures such as access to finance driving economic growth and diversification while nurturing greater
as well as demand-side actions such as promoting financial literacy. self-sufficiency of Qatar’s financial sector and economy.
It is the State’s intent to ensure access to a full range of high-quality,
cost-effective and appropriate financial services to unbanked or