Qatar Financial Centre Regulatory Authority joins the Islamic Financial Services Board

Notes and media contacts

Media Contact: Roger Carroll Good Relations Telephone: +44 (0) 207 861 3920
Fax: +44 (0) 207 861 3233

About the Qatar Financial Centre The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those doing business within the QFC. The QFC was created by QFC Law No. (7) of Qatar and has been open for business since 1 May 2005 and is now receiving applications.

About the QFC Regulatory Authority The QFC Regulatory Authority (Regulatory Authority) has been established as an independent entity under primary Qatari statute with the objective of ensuring those operating from the QFC can do so with confidence in the fairness, robustness and enforceability of its laws, regulations and operating procedures. The Regulatory Authority regulates financial services entities that conduct any Regulated Activities (which includes all types of banking, insurance, asset management, financial advisory services, securities and derivatives dealing, and activities conducted by Islamic financial institutions) in, or from, the QFC. It has a broad range of regulatory powers to effectively and efficiently authorise and supervise exchanges and clearing houses, firms (including brokers and dealers) and individuals. The Regulatory Authority's risk-based approach to regulation will be familiar to firms that presently operate in well-regulated financial centres. Its rules, powers and structure are modelled on international best practices. The Chairman and CEO of the Regulatory Authority is Phillip Thorpe.

About the IFSB The IFSB was formed in November 2002 and started operations on 10th March 2003. It serves as an international standard-setting body for regulatory and supervisory agencies that have a vested interest in ensuring the soundness and stability of the Islamic financial services industry. This is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with, Islamic Shari'ah principles, and recommending them for adoption. To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, The International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS). PO Box 22989 T + 974 494 5433
Doha Qatar F + 974 483 5031
www.qfcra.com