QCB: Knowledge Exchange Enhances Innovation in International Islamic Finance Markets

Doha, – HE Assistant Governor for Financial Instruments and Payment Systems at Qatar Central Bank (QCB) Sheikh Ahmed bin Khalid Al-Thani stressed the importance of continuing knowledge exchange between participants and specialists in the field of the Islamic finance industry, in a way that enhances the spirit of initiative and innovation in international Islamic finance markets.

This came in His Excellency’s opening speech at a Joint Capacity Building Program organized today by the QCB in cooperation with the International Islamic Liquidity Management Corporation (IILM) for banks and financial institutions operating in Qatar, in the presence of CEO of the Qatar Financial Center Yousuf Al Jaida, and CEO of IILM Dr. Umar Oseni.

Sheikh Ahmed bin Khalid Al-Thani noted the importance of holding this joint program as it contributes to supporting the financial sector in the country, especially since its topics highlight their importance for Islamic banks and financial institutions, which helps in developing Islamic capital markets in Qatar, in line with the strategic initiatives provided by QCB.

His Excellency said that the program served as an ideal platform for participants and speakers to exchange ideas and experiences which would enhance the spirit of initiative and innovation, calling for continued exchange of knowledge between specialists in the field of the Islamic finance industry.

For his part, Al Jaida considered the program an important opportunity to explore opportunities available in the Qatari financial market, especially in the field of Islamic financial assets and Islamic finance that has been growing and expanding in recent years as it has begun to provide added value to the economy in view of its ability to confront the changes taking place in the world.

He pointed to Qatar’s capabilities that allow it to achieve high levels of growth in the field of Islamic financial assets, stressing that the State of Qatar, during the past years, has been able to attract many foreign investments because of the integrated legislative structure, which contributed to supporting Islamic banks and financial institutions that were able to spread widely in the local and even global markets in recent years.

Dr. Oseni noted the importance of the partnership with the QCB to organize this program that would contribute to building the capabilities of actors in the financial and banking sector in the field of the Islamic financial assets industry, which has begun to grow in many markets.

He also touched on the IILM’s role in supporting Islamic financial assets at the global level, especially in the field of Sukuk.

The program witnessed the participation of many specialists and actors in the banking and financial sectors, in addition to the presence of representatives of Qatari banks and financial institutions.

Through this program, QCB aims to work on developing the capital market and liquidity management compatible with the provisions of Islamic Sharia in the country by bringing together an elite group of stakeholders and specialists in the Islamic finance industry to discuss the current state of liquidity management and the challenges and opportunities available to achieve growth in this field.

The program was an important opportunity for actors and specialists in the field of the Islamic finance industry to explore the role of the Islamic financial market in strengthening and developing the financial markets in Qatar in light of the expansion and growth of the Qatari financial markets thanks to its pioneering legislative and logistical structure at the regional and global levels that enabled it to attract capital flows from different parts of the world.

Within the program, dialogue sessions were held and touched on the most important issues, most notably the prospects for growth of the capital market compatible with the provisions of Islamic Sharia in Qatar, in addition to the challenges facing this market and ways to transform Doha into a hub for Islamic finance.

The role of Islamic finance in supporting the Qatari economy was also discussed, and the pioneering role of the QCB in strengthening Islamic liquidity management tools in the country through legislative, supervisory and regulatory frameworks was also highlighted.

Source: Qatar News Agency