Page 4 - Annual Report 2019

01 ANNUAL REPORT 2019

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 (the Regulatory
Authority) 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 Regulatory Authority 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
Regulatory Authority, the Regulatory Authority 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 Regulatory
Authority. The Regulatory Authority has built a principles-based
regulatory regime, embracing transparency and accountability.