QNB supports ‘2015 WFE General Assembly & Annual Meeting’ as platinum sponsor
QNB has announced its platinum sponsorship of the “2015 World Federation of Exchanges (WFE) General Assembly & Annual Meeting” hosted by the Qatar Stock Exchange (QSE) on October 19 to 21 at Marsa Malaz Kempinski Hotel in Doha.
QNB said the event, which will be held for the first time in Qatar and the region, will gather top executives from global exchanges and other representatives of member exchanges, regulatory agencies, and international authorities, as well as senior officials from Ministry of Economy and Commerce (MEC) and the QSE.
The key topics to be debated during the event will include small and medium-sized enterprise (SME) funding, progress on the G20 financial reform agenda, developments in derivative and commodity markets, evolving market structures, and trends in risk management, compliance, and governance.
“QNB’s sponsorship of the event is part of its commitment to promoting financial excellence inside and outside Qatar, and in nurturing financial knowledge and expertise in the country to propel new knowledge into the economy and achieve the Qatar National Vision 2030.
“QNB is keen on sponsoring important events of this nature, which showcase best practices and contribute positively to the development of the economy,” the bank said in a statement.
The general assembly is the ultimate decision-making body of the World Federation of Exchanges responsible for approving policies, including admission and suspension of membership, annual budgets, and election of WFE officers.

WFE annual meeting
set to begin today
The 15th World Federation of Exchanges (WFE) annual meeting, bringing together top decision makers in the global bourses, regulatory authorities and ministries, will formally begin today.
Progress on the G20 financial reform agenda, developments in derivative and commodity markets, evolving market structures, trends in risk management, compliance and governance and small and medium enterprises funding will form part of the brainstorming meeting, which is being held in Qatar for the first time.
HE Sheikh Ahmed bin Jassim bin Mohamed al-Thani, the Minister of Economy and Commerce; Rashid bin Ali al-Mansoori, chief executive of Qatar Stock Exchange; Ali Ahmed al-Kuwari, chief executive of QNB; Juan Pablo Cordoba, WFE chairman and chief executive of Bolsa de Valores de Colombia; and Nandini Sukumar, chief executive of the WFE; are slated to deliver keynote addresses.
Doha Bank chief executive R Seetharaman is also expected to address a particular session ‘Opening the Middle East’s Markets – The Shape of Things to Come’ on the concluding day.
The general assembly is the ultimate decision-making body of the WFE, responsible for approving policies, including admission and suspension of membership, annual budgets, and election of WFE officers.
QNB is the platinum sponsor of the WFE annual meeting, where leaders of international exchanges, regulatory authorities, industry experts from academia and the media gather together for in-depth discussion on major issues surrounding the exchange industry. The WFE represents 64 regulated exchanges across the world, and acts on behalf of a total of 99 organisations including affiliate members and clearinghouses.

Dlala reports 9-mth loss of QR24.1mn
Impairment losses on ‘available-for-sale’ investments and lower net brokerage and commission earnings as well as net investment income led Dlala report a net loss of QR24.1mn during January-September this year. Net brokerage and commission income plunged 55% to QR23.91mn, net investment income by 87% to QR3.28mn, according to its statement filed with the Qatar Stock Exchange. Net operating income, thus, plummeted 60% to QR33.46mn despite 47% increase in real estate income to QR5.33mn and 35% in interest income to QR0.94mn.
There was a 3% jump in general and administrative expenses to QR19.77mn. Besides, the stock brokerage company had also booked QR36.28mn as impairment losses in ‘available-for-sale’ investments.
Total assets were valued at QR975.83mn comprising current assets of QR933.48mn and non-current assets of QR42.35mn.
Total equity stood at QR275.26mn on a capital base of QR284.16mn and loss -per-share was QR0.85 at the end of September 30, 2015.


Islamic finance is slated for single-digit growth in ’16: S&P
Islamic finance is slated for single digit growth in 2016 against 10% and 15% over the past decade but it is expected to have assets in excess of $3trn by next decade, according to global credit rating agency Standard and Poor’s (S&P).
The single-digit growth projection for next year is mainly on decline in oil prices, rapid changes in the global regulatory framework for banks and insurers and the industry’s fragmented nature.
“We are currently witnessing the end of the global commodities super-cycle that started in 2005, which we think will drag down economic growth in some core markets and consequently reduce opportunities for Islamic finance,” S&P said in its report.
Although the Islamic finance industry is facing the oil price decline, there are still some unexploited pockets of growth, S&P said in a special reference to Iran, where sanctions, once lifted, may translate as a “significant” amount of investment projects, which will naturally find its way into Islamic finance industry.
Moreover, it “positively” expects the governments in Gulf Cooperation Council countries to protect their investment spending to support growth.
Consequently, they may look for alternative financing sources, such as the domestic or international capital markets, support economic growth, build debt capital markets, and slow the depletion of their asset positions, it said.
Still, if oil prices fall much below its current expectations and government balances weaken further as a result, the GCC governments will increasingly cut investment spending, S&P, however, cautioned.
Finding that the rapid changes in the global regulatory environment for banks and insurers are also affecting Islamic finance; S&P said in particular, Basel III for banks and Solvency II (or risk-based capital requirements for insurance companies), and the implementation of bank resolution regimes implementation in major EU countries are raising the bar for Islamic financial institutions to keep pace with developments in conventional finance.
“We see new regulatory developments in developed markets as a source of opportunities for Islamic finance. As Basel III helps the banking industry to enhance its capitalisation and resilience to unexpected shocks, it will also tackle the lack of available liquidity management instruments for Islamic financial institutions,” it said.
Finding that despite its non-negligible size, with assets at more than $2trn, the Islamic finance industry remains fragmented; it said there was a need for further strengthening of integration in Islamic finance.

QC ready to host two-day GCC Economic Forum from Oct 25
Qatar Chamber (QC) has completed all the necessary preparations for the upcoming GCC Economic Forum, organised by the GCC Chambers Union and QC in Doha during October 25- 26.
The Forum is held under the patronage of HH the Emir of Qatar Sheikh Tamim bin Hamad al-Thani. QC acting general manager Saleh al-Sharqi stressed that such patronage made the organiser more aware of the high importance of such forum in achieving the aspiration of all GCC citizens, in particular regarding the freedom of movement and work among GCC countries and the equal right to own real estate. Other issues that would be addressed during the forum include the GCC joint market, GCC customs union and GCC railways, in addition to putting a time schedule for the launch of a unified GCC currency, and the unified tourist visa for those willing to visit GCC countries.
Al-Sharqi stressed that all such issues are major pending project that would reflect positively on the region when implemented. Accordingly, prominent speakers and experts will take part at the forum and it the concluding statement will include the due recommendations to be referred to the GCC summit.
He said that the opening ceremony of the forum will be attended by HE the Prime Minister and Minister of Interior Sheikh Abdualla bin Nasser bin Khalifa al-Thani, and Dr Abdullatif al-Zayani, GCC secretary-general. Besides, Dr Ali Babacan, the former Turkish minister of economy, has been invited to be the guest of honour to introduce his experience in leading the Turkish economy to great global standards.