Page 18 - Annual Report 2017

| 18 19 |

CHAIRMAN’S STATEMENT

The sudden and illegal blockade imposed on Qatar in 2017 brought We published the First Strategic Plan for Financial Sector Regu- The progress made under the First Strategic Plan has been signif- legacy of regulators for Qatar, the Regulatory Authority also part-
us new and different challenges but we have successfully met these lation in 2013. The Plan was designed to achieve the vision and icant, and I am grateful to my fellow directors and the staff of nered with the QCB, the QFMA and HEC Paris to build a customised
challenges. In the process, the country has gained even greater goals of the Qatar National Vision 2030 and the National Devel- the Regulatory Authority for their significant contribution. New rules Master’s degree programme to equip employees of the three reg-
strength, independence, resilience and confidence. This outcome opment Strategy 2011-2016. The strategic plan has positioned the in banking, compliance with the Basel III and IFSB capital frame- ulators with specialised financial regulation and leadership skills.
was due to the wise and farsighted leadership of H.H. the Emir, financial sector and the regulatory framework at the forefront of works, new prudential rules for the insurance sector aligned with Launched in November 2017, the programme is the first of its kind
Sheikh Tamim Bin Hamad Al-Thani, the solidarity of all the people the best international standards and practices. Taking on board the IAIS standards, and ongoing attention to AML/CFT requirements in the region and one of only a handful worldwide.
of Qatar, and the forward planning captured in the National Vision the lessons learnt in its implementation, in 2017, we launched the by the Financial Action Task Force have ensured that the policies The work of the Regulatory Authority, its staff and the leadership
2030. These elements combined to create a strong foundation, Second Strategic Plan for Financial Sector Regulation (2017-2022). are in line with new international standards for the financial sector. of the Board of Directors have been essential in the remarkable
one which could absorb the temporary pressure of the blockade Both of these Strategic Plans were developed through close and There were also significant developments of the financial infra- progress made under the first strategy, and I am grateful to the
and build an even stronger future for Qatar. The financial sector continuous co-operation and co-ordination among the financial structure, especially in the areas of governance, payment and leadership for their commitment and dedication.
played an important role in this outcome and in this regard, I am sector regulators in Qatar. The level of co-ordination required for settlement systems and clearing, and the elevation of the Qatar
pleased to recognise the resilience shown by the financial sector effective implementation of the strategy and its importance are Stock Exchange to emerging market status. Customer and investor The Board of the Regulatory Authority extends its gratitude to H.H.
and commitment shown by foreign investors towards Qatar and underscored by the Financial Stability and Risk Control Commit- protection systems were enhanced by further advancements in the the Emir, Sheikh Tamim Bin Hamad Al-Thani, to H.H. the Deputy Emir,
the Qatar Financial Centre. tee (FSRCC), which brings together the senior executives from the areas of credit information, complaints redressal mechanisms and Sheikh Abdullah Bin Hamad Al-Thani and to H.E. the Prime Minister
QCB, the QFMA and the Regulatory Authority. The FSRCC, which financial literacy, and measurable progress was achieved towards and the Minister of Interior, Sheikh Abdullah Bin Nasser Bin Khalifa
I am also pleased to recognise the significant contribution that the Al-Thani, for their continuous support and assistance.
Qatar Central Bank (QCB), the Qatar Financial Markets Authority was established under the new QCB Law in 2012, has played a safeguarding financial stability.
(QFMA) and the Regulatory Authority made to this outcome, par- critical role in ensuring the stability and credibility of Qatar’s finan- Qatar’s human capital represents an important element in achiev- On behalf of the Board, I also express my gratitude to all ministries
ticularly their close co-operation and rigorous monitoring of the cial system. The Second Strategic Plan 2017-2022 sets forth even ing economic growth, diversification and innovation. As with the First and government bodies for their support of and co-operation with
impact of regional events on the financial sector. In this context, the more ambitious goals for the coming five years and it will position Strategic Plan, the Second Strategic Plan has reaffirmed our focus the Regulatory Authority in the discharge of its mandate under the
important role that the successful implementation of the joint strat- the financial sector to support the Qatar National Vision 2030. In on investing in our people through effective talent management QFC Law.
egy for financial sector regulation played, which has underpinned addition to upgrading the regulatory framework and developing and development. An important element of this objective is nation-
the strength and resilience of the Qatar Financial Centre and the financial markets, it seeks to harness the benefits of FinTech to facil- alisation, and I am pleased to note that the Regulatory Authority Abdulla Bin Saoud Al-Thani
financial sector in Qatar more broadly, needs no gainsaying. itate innovation and growth and encourage policies and initiatives has made significant progress through its Al Masar programme,
that assist in promoting financial inclusion so as to position the finan- which has been recognised by a leading Human Resources pro- Governor of the Qatar Central Bank
cial sector to support the Qatar National Vision 2030. Chairman of the QFC Regulatory Authority
fessional organisation as the “Best Nationalisation Initiative” in the
region at the HR MENA Excellence Awards. To support and build a