QCB Governor H E Sheikh Abdullah bin Saud Al Thani addressing the summit.
DOHA: The total assets of commercial banks operating in Qatar increased by 18 percent to QR875bn in the first half of 2013. The total assets of the banks were QR400bn at the end of 2008, Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin Saud Al Thani revealed yesterday.
Opening the two-day “Meed Qatar Banking Summit 2013”, the Governor noted the deposits have also increased by 41 percent. “The total of deposits reached QR535bn, compared to QR212bn in 2008. Simultaneously, credit facility has increased by 15 percent,” he noted.
The Governor added that political and economic stability, as well as the flexibility of the banking sector, help Qatar pursue its goal of developing based on Qatar 2030 vision and Qatar National Development Strategy 2011-2016, despite global economic instability. The GDP in 2012 stood at 12.2 percent, more than QR700bn.
Qatar brought in two very important laws in 2012; the first was law no. 8 of 2012 on Qatar Financial Markets Authority. The second is Law No. 13 regulating the functioning of Qatar Central Bank. The laws basically restructured the framework of the work of the financial sector in the country.
The new laws were an important step towards regulating financial services and enhancing financial stability. The law also set a framework for cooperation between Qatar Central Bank, Qatar Financial Markets Authority and Qatar Financial Center Authority.
Sheikh Abdullah added that the laws were a healthy update on the regulatory framework that governed the financial sector in Qatar and would elevate the State’s status as an international financial hub.
The regulatory role of Qatar Financial Markets Authority aims to protect investors and the stability of the market. The authority also regulates the activity of listed companies through each company’s disclosure statements.
The summit will focus on meeting the needs of the banking and financial sector in addition to placing a road map for the sector, which would help Qatar to put in place the necessary infra-structure for the 2022 World Cup.
The Peninsula
