QFC inks pact with AIFC to boost joint projects

Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has signed a memorandum of understanding (MoU) with Astana International Financial Centre (AIFC) to develop long term co-operation and foster joint projects to stimulate activities in both international financial platforms.

The MoU’s primary objectives entail exploring a mutually acceptable regulatory framework to allow set up of relevant financial institutions and financial services providers, such as banking, Islamic and digital finance, capital markets, asset management and other financial services firms, within the AIFC and QFC ecosystems.“We are proud to form this partnership with AIFC, a rapidly growing global business and financial hub as well as a leading driver of economic growth for Kazakhstan. The QFC is a key player in Qatar’s economic development and diversification, and over the years, we have proven that forming partnerships is crucial to realising our core objectives,” said Yousuf Mohamed al-Jaida, QFC Authority chief executive.QFC and AIFC will also explore establishing mutual recognition of the regulatory frameworks applicable to relevant financial institutions and other entities in both QFC and AIFC, as well as promote the benefits of setting up an operation in either platform to relevant firms.The joint efforts intend to open opportunities for companies in QFC and AIFC to capitalise on the benefits each platform has to offer when they expand in Central Asia and the Middle East, respectively.Dr Kairat Kelimbetov, governor, AIFC said it is is pleased to continue developing business relationships with the QFC that were established back in 2018."We are ready to expand co-operation with colleagues in the following areas: banking, digital finance, fintech, capital markets, insurance and reinsurance, asset, and investment management. We should also dwell on Islamic finance, which is one of the AIFC priorities," he said.Highlighting that Kazakhstan acts as an Islamic finance hub for the entire region, he said "we with great pleasure are ready to partner with the QFC on developing this area”.The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation treaty network with over 80 countries, a legal environment based on English common law and the right to trade in any currency.