1. Are there any restrictions on deposit-taking in Qatari Riyals by an Authorised Firm?
Activities permitted to be carried on in or from the QFC are detailed in Schedule 3 of the FSR. The scope of regulated activities is wide and includes most (if not all) services typically associated with the carrying on of commercial, private and investment banking. There are no banking-specific prohibitions, such as a deposit-taking restriction or dealing in specific currencies (including the Qatari Riyal). However, while drafting the QFC Law is broad relative to the scope of permitted activities, as a matter of policy made by the QFC Authority, Banking Business (Deposit-Taking and Providing Credit Facilities) with or for retail customers resident in Qatar is currently prohibited.