Page 7 - Annual Report 2020

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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 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.

T ABLE OF C ONTENT S