The initiatives support the QFCRA’s ongoing commitment to meeting high international regulatory standards and the continued development of the QFC as a leading financial and business centre in the region
The Qatar Financial Centre Regulatory Authority (QFCRA) has introduced new Islamic Banking Business Prudential Rules 2015 and a revised version of the Conduct of Business Rules 2007.
The new rules, which will come into force from January 1, 2016, are being introduced following public consultation and dialogue with QFC firms.
“The changes to our Islamic finance and conduct rules provide a solid platform for future growth of financial services in the QFC,” Michael Ryan, chief executive of the QFCRA said.
He said the changes follow extensive consultation with the financial sector and other stakeholders and reflect the important developments in international best practice over the last few years.
The new Islamic Banking Business Prudential Rules 2015 apply to authorised Islamic banks or Islamic investment dealers and replace those related to Islamic banking activities contained in the current banking business prudential rules 2014.
The revised Conduct of Business Rules 2007 amends its three aspects: The definition of business customer, re-classifying customers and the customer dispute resolution scheme.
These initiatives support the QFCRA’s ongoing commitment to meeting high international regulatory standards, as well as the continued development of the QFC as a leading financial and business centre in the region.
