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The Qatar Financial Centre (QFC) has launched a pioneering proof of concept (POC), under its Digital Asset Lab, marking a significant step forward in the application of blockchain technology to Islamic finance.This development was enabled through the collaboration of a consortium of partners — AlRayan Bank, Blade Labs, and Hashgraph — each contributing unique expertise to a shared vision of financial innovation.The POC will demonstrate a blockchain-based digital receipt system (DRS) that can enhance transparency, efficiency, and regulatory compliance in Shariah-compliant asset-backed finance.The system will operate on HashSphere, a private permissioned distributed ledger technology (DLT) network built with Hedera technology, deployed on Google Cloud infrastructure provisioned through QFC’s lab.This initiative exemplifies a collaborative model where regulatory foresight, technical innovation, and domain expertise converge.The QFC serves as the orchestrator of the initiative, providing infrastructure support and subject matter expertise to guide the use case development.Hashgraph delivers and operates the underlying blockchain infrastructure, ensuring secure and scalable network performance, and Blade Labs leads the development of the DRS, including smart contracts and user interfaces tailored to Islamic finance use cases.AlRayan Bank plays a critical role in validating the system’s functionality, offering domain-specific insights and exploring commercialisation pathways, while Google Cloud enterprise-grade infrastructure is utilised for the initiative."Through our Digital Assets Lab, we’re proud to facilitate this pilot as a step forward in exploring how blockchain can bring greater efficiency and scalability to Shariah-compliant financial products. This initiative reflects our continued support for tokenisation, financial innovation, and collaboration aligned with the Third Financial Sector Strategic Plan," said QFC Authority chief executive officer Yousuf Mohamed al-Jaida.Omar al-Emadi, acting Group chief executive officer of AlRayan Bank, said innnovation is a cornerstone of Islamic finance, and this initiative reflects its commitment to advancing Shariah-compliant financial solutions that meet the evolving needs of the market."Through our participation in this POC, we reaffirm our role in validating the system’s functionality and laying the groundwork for scalable, practical applications that can strengthen the future of Islamic finance while reinforcing Qatar’s position as a regional hub for financial innovation," he said.By participating in this POC, it is not only validating the system, but also helping pave the way for practical and scalable applications of blockchain technology in the Islamic finance sector, according to Houssam Itani, Group chief transformation officer, AlRayan Bank.Sami Mian, chief executive officer, Blade Labs, said the DRS POC will showcase that blockchain, smart contracts, and global identity standards can address the operational bottlenecks that currently prevent Islamic finance institutions from scaling certain Shariah-compliant asset-backed products."By providing a controlled environment to measure actual business outcomes, institutions can evaluate whether this technology approach solves problems worth solving before making larger commitments," he said.Eric Piscini, chief executive officer, Hashgraph, said it is built to deliver the trust, performance, and regulatory confidence that today’s financial systems demand."Backed by the scalability and security of Hedera’s enterprise-grade technology, this collaboration highlights how the right infrastructure can unlock new possibilities in both Islamic finance and broader financial innovation," according to him.

Despite the challenges posed by higher US tariff rates, the global economy will remain largely resilient against the uncertainty and the disruptions in global trade flows, according to QNB.At the beginning of the year, the global outlook pointed to steady economic growth, against a backdrop of cautious optimism. Tailwinds included the policy rate cutting cycles by major central banks, resilient growth of the US economy, cyclical recoveries in China and the Euro Area, and constructive overall investor sentiment, QNB noted in an economic commentary.Growth in both Advanced Economies (AE) and Developing Economies (DE) was initially expected to remain unchanged compared to last year, adding up to a world economic expansion rate of 3.3%.But the optimistic tone began to shift as the new US administration embarked on an aggressive agenda of policy change, with sweeping implications for the global macroeconomic landscape.On April 2, a day that came to be known as “Liberation Day,” President Trump announced sweeping tariffs, including a 10% baseline levy on all imports, and higher rates on selected countries.Financial markets reacted sharply to the announcements, with global stocks tumbling on fears of broader and deeper trade wars, as well as tainted policy credibility.The outlook narrative then debated the odds of a world recession. At its worst moment, growth expectations for the global economy dropped from the recent peak by 0.5 percentage point (p.p.) to 2.8%, a significant downgrade in a very short period of time.Since then, asset prices have recovered, with key indices reaching new highs, as the more negative trade-war scenarios were ruled out, AI-driven growth tailwinds regained the spotlight, and corporate profits remained robust.According to QNB, growth expectations have stabilised and even slightly recovered. The group of AE, which represents 40% of the world economy, is now expected to grow 1.5% this year, from a low of 1.4%.More significantly, after falling 0.5 p.p. to 3.7%, expectations for growth in the Developing Economies (DE) climbed to 4.1%, re-gaining most of the previous losses.Thus, recovering growth projections across the AE and DE groups are contributing to improving the outlook for global economic growth, which is expected to reach 3%.In QNB’s view, despite the challenges posed by higher US tariff rates, the global economy will remain largely resilient against the uncertainty and the disruptions in global trade flows.QNB has discussed two key factors that support its view of an improving global economic outlook.First, the US administration has concluded a first set of negotiations, which helped moderate uncertainty and discard the most extreme negative scenarios. The initially unyielding position of President Trump shifted towards pragmatism as deals were reached with the UK, Japan, Indonesia, Vietnam, the Philippines, and the EU, among others, narrowing the range of potential tariff rates for the rest of the world. Furthermore, even as the US has become more protectionist, the rest of the world is largely continuing to move in the opposite direction.From the European Union (EU) to Asia and Latin America, most major economies continue to view trade as essential to their growth models, and are actively pursuing deeper integration via new or deeper trade agreements. Even as the world adjusts to a more protectionist US, the outlook on global trade has improved, contributing to a less pessimistic growth scenario.Second, monetary policy easing cycles by major central banks will contribute to improve overall financial conditions and the stability of the global economy. Bringing inflation under control has allowed the US Federal Reserve and the European Central Bank (ECB), the two most important central banks in the AE, to start their interest rate cutting cycles.In the US, the Federal Reserve is set to cut its policy interest rate by 125 basis points over the next year, while the ECB could implement one more cut, bringing its benchmark rate to 1.75%. Stock markets have staged a notable recovery backed by resilient corporate earnings, while corporate credit spreads are narrowing, signalling improved market sentiment and easier credit for firms.The Financial Conditions Index (FCI) provides an informative summary of the overall state of markets, and is signalling that improving conditions are reducing borrowing costs for households and business, adding support to consumption and investment.“All in all, the global outlook initially deteriorated sharply after the US tariff announcements, but pessimism has gradually subsided on the back of improving prospects for international trade and better financial conditions supporting consumption and investment, leading to a broad based upgrade of performance expected across the AE and the DE,” QNB added.

Driven by the public sector, loans disbursed by the local banks in Qatar increased by 1.1% MoM to QR1,406.9bn in July, according to QNB Financial Services (QNBFS).Total public sector loans expanded by 4.5% MoM (+9.5% on FY2024) in July.The government segment (represents 35% of public sector loans) was the main driver for the public sector gains with an expansion of 7.2% MoM (+32.7% on FY2024), while the government institutions segment (represents 61% of total public sector loans) increased by 3.3% MoM (+0.4% on FY2024).Further, the semi-government institutions segment contributed immaterially, moving up by 1.1% MoM (-0.9% compared to FY2024) during July.Total private sector loans were flat MoM (+2.6% vs. FY2024) during July with negligible contribution across all segments.Outside Qatar loans were flat MoM (and compared to year-end 2024) in July, QNBFS said in its ‘Qatar Monthly Key Banking Indicators’.Loan provisions to gross loans moved up to 4.2% MoM in July, compared to 3.9% (as of year-end 2024).Loan provisions have increased 11.8% compared to year-end 2024 as banks have been provisioning for Stage 2 and Stage 3 loans mainly emanating from contracting and real estate sectors.On a positive note, Stage 3 loans have remained stable.Loans grew by an average 5.4% over the past five years (2020-2024), QNBFS noted.Banking sector total assets remained flat MoM (+3.4% vs. year-end 2024) in July 2025 at QR2.117tn.With loans growth outpacing deposits during July 2025, the loan-to-deposit ratio (LDR) came in at 134% compared to 132% in June.Public sector deposits climbed up by 0.6% MoM (+3.4% compared to FY2024) in July.Looking at segment details, the government segment (represents 34% of public sector deposits) moved up by 1.6% MoM (+4% compared to FY2024).On the other hand, the government institutions’ (represents 54% of public sector deposits) was flat MoM (+4.1% vs. FY2024), while the semi-government institutions’ segment (represents 12% of public sector deposits) increased by 1.9% MoM (-1.6% vs. FY2024) during July 2025.Non-resident deposits contracted by 3.2% MoM (-2.2% vs. FY2024) during July 2025. Non-resident deposits as a percentage of declined from 19.2% in June 2025 to 18.7% in July 2025 (FY2025: 19.5%).Private sector deposits remained flat MoM (+2.9% compared to FY2024) in July.On the private sector front, companies and institutions was flat MoM (Flat compared to FY2024). Moreover, the consumer segment also remained flat MoM (+5.2% compared to FY2024).The overall loan book increased by 1.1% MoM in July 2025, aided by public sector loans.Qatar banking sector liquid assets to total assets stood at 31% in July compared to 32% in June, which remains in a strong position, QNBFS said.

In response to the growing interest in benefiting from the 100% Financial Penalty Exemption Initiative, and in line with its commitment to supporting taxpayers and enabling them to regularise their status, the General Tax Authority has announced the extension of the submission period for the initiative until December 31, 2025.The extension aims to provide the opportunity for the largest possible number of taxpayers to benefit from the available exemptions.The GTA allows taxpayers to apply for the initiative through the Dhareeba platform, while continuing to provide support and guidance services that reinforce transparency and help instill a culture of tax compliance.The initiative has achieved significant results, with more than 7,000 taxpayers exempted from financial penalties exceeding QR1.6bn, and over 56,000 tax returns submitted — including overdue returns covering tax periods from 2014 to 2024. This has greatly contributed to raising the overall tax compliance rate.The initiative also witnessed a high participation rate among companies and business owners who were able to rectify their situations and benefit from the full exemption from financial penalties. Beneficiary companies represented various vital sectors, reflecting the inclusiveness of the initiative and its broad impact in supporting different components of the national economy.The GTA has urged taxpayers to take advantage of the initiative via the Dhareeba platform. The initiative is considered one of the Authority’s landmark measures, designed to enable taxpayers to settle their tax obligations through a 100% exemption from financial penalties incurred due to late registration, filing, or payment, subject to specific terms and conditions.The GTA has confirmed that the initiative has successfully enhanced voluntary compliance by offering a clear and practical opportunity to rectify tax status with ease and convenience. This contributes to the efficiency of the tax system and strengthens the relationship of trust and partnership between the Authority and taxpayers.

The Qatar Financial Markets Authority (QFMA) announced Wednesday the issuance of the Code of Governance for listed companies.In accordance with the Board of Directors Resolution No. (5) of 2025, all parties covered by this system are required to ensure compliance with its provisions within one year from the date of its publication in the Official Gazette, QFMA stressed.This code addresses many topics, encompassing the duties and responsibilities of the Board of Directors, its composition and membership requirements, Board practices and conflicts of interest, Board committees, the senior executive management, the internal control system, the principles and policies for granting remuneration and incentives, communication between the Board and shareholders, disclosure of corporate governance, and companies in which the government is a stakeholder.A set of principles were observed in drafting the provisions of this Code, including transparency and clarity, justice and equality, and responsibility, oversight, and accountability.In conversation with Qatar News Agency (QNA), Director of the Governance and Disclosure Department at QFMA, Khalid Saif al-Sulaiti, emphasised that this new code is a crucial step in keeping up with the advancement of the capital market's regulatory framework to meet the highest international standards, and in a manner consistent with the characteristics of the Qatari financial market.The initiative aims to reinforce principles of transparency and integrity, while safeguarding shareholders' rights, thereby strengthening confidence in the Qatari capital market. The code replaces the previous framework issued in 2016, and includes substantive amendments, most notably raising the minimum number of board members for listed companies to seven, while setting a maximum limit of 11 members, al-Sulaiti highlighted.He evinced that code also sets out a clear and detailed mechanism for the nomination and election process and includes an annex explaining the procedures from the opening of nominations through the formation of the board and its committees, specifying the types of members, whether independent, non-independent, executive, or non-executive, as well as the mandatory committees that must be established.The code is based on international best practices and standards of governance, giving foremost importance to the principle of disclosure, particularly regarding shareholders' rights and equality among them, al-Sulaiti said.He further added that the code introduces disclosures on companies' adherence to sustainability, corporate social responsibility, and climate-related standards, requiring listed companies to publish periodic reports on these aspects, alongside disclosures of material news and financial statements.He commended the commitment of listed Qatari companies to governance standards, evincing that such adherence reflects their dedication to maintaining an exceptional standing both domestically and internationally, while enhancing confidence among clients and suppliers, affirming that the Qatari market today hosts a wide swath of best companies across various sectors globally.This new code obliges companies to disclose sustainability, climate, and corporate social responsibility reports. And QFMA will issue a guiding manual to assist companies in complying with these standards in accordance with international best practices, al-Sulaiti underlined.In connection with attracting foreign investors, he emphasised that the regulations issued play a pivotal role in enhancing investor confidence, pointing out that foreign investors typically assess the regulatory environment before entering any market.This assessment is facilitated by Qatari companies' disclosure of comprehensive annual reports, which include governance-related disclosures, he said.He indicated that Qatari companies are characterised by strengths, as many of them, especially in the industries, banks, and communications sectors, adhere to the highest standards of governance, making them the best on the regional and global stages.Given the rapid realignments in the global markets, this code has been put in place to keep abreast of the domestic and global evolutions, al-Sulaiti highlighted, anticipating that it would contribute to fostering transparency and investors' confidence, thereby adding significant value to the Qatari financial market.As set forth in this code, the rules and provisions of this code are derived from the recommendations put out by international institutions in connection with corporate governance, foremost of which are namely the International Organisation of Securities Commissions (IOSCO), Organisation for Economic Co-operation and Development (OECD), International Sustainability Standards Board (ISSB), and the International Corporate Governance Network (ICGN.He noted that there are best regional and international practices added in this field. Thus, in accordance with the specifics of the Qatari financial market, each company is required to develop a policy, approved by the board, for disclosure and transparency commensurate with the relevant international principles, including those of OECD on corporate governance and ISSB, in a manner that serves the company, its stakeholders, and relevant authorities.Al-Sulaiti further noted that these practices are intended to bolster the level of governance practices and ensure compliance with disclosure requirements within the timeframes specified in the relevant legislation, including disclosure of financial reports and the annual sustainability report, which outlines the company’s contribution to environmental protection, social engagement, and corporate governance, in accordance with this system and the rules of the market in this regard.QFMA works to entrench the principles and values of corporate governance in accordance with the best international standards and practices, in a manner that contributes to optimising company performance, upholding the public interest, enhancing the efficiency of the financial markets, which would, at the end of the day, strengthen the legislative environment attractive to investment in Qatar, in addition to protecting investors’ rights and ensuring stability in financial market dealings, al-Sulaiti said.He highlighted that governance is a set of relationships between the firm's management, the board of directors, shareholders, and other stakeholders, outlining the mechanism through which goals are set, as well as the vehicles to achieve these goals, followed by monitoring the performance, as long as governance determines the powers, responsibilities, and the decision-making process.In addition, governance regulates the company's relationship with the peripheral atmosphere, as well as the community where the company conducts its activities. As such, the company becomes the guarantor of good and proper management, both for the sake of serving the interests of the company and all the aforementioned groups.At its core, corporate governance aims to ensure justice and equality among all stakeholders by guiding management in operations, risk management, organising interests, avoiding conflicts of interest, upholding transparency and disclosure, and contributing to sustainability. It also involves establishing the necessary departments, divisions, and committees, as well as internal mandates, policies, and approved procedures to guarantee the fulfilment of governance objectives.

The Dubai-based investor and founder of Alluca Financial is quickly becoming one of the most trusted global voices in the alternative wealth space. Unlike influencers pushing the latest financial trends, Chiniborch has built his reputation by promoting stability over hype — and putting physical gold at the center of the conversation.A Warning to the OverleveragedChiniborch’s warning isn’t rooted in fear — it’s rooted in history. From the fall of fiat-backed empires to the collapse of modern banks, he believes today’s economic environment mirrors every bubble that came before:overconfidence, overleverage, and an underestimation of risk.“We’ve normalized trillion-dollar bailouts and negative real interest rates. The average person is sitting in a system designed to inflate everything except their true wealth.”Gold Doesn’t Inflate — It ProtectsWhere fiat currencies can be printed at will, gold remains what it always has been: limited, tangible, and universally trusted. It doesn’t rely on counterparty risk, app updates, or central bank confidence.That’s why Chiniborch advocates for gold not as a speculative asset, but as a form of self-defense. He calls it “freedom insurance.”“You don’t need gold to get rich. You need gold to stay rich,” he often says. “In the next financial reset, the winners won’t be the ones holding paper promises — they’ll be the ones holding weight.”A Balanced but Unapologetic ApproachUnlike some gold maximalists, Chiniborch also acknowledges the role of digital assets like Bitcoin — but he emphasizes the difference between volatility and value. His message is one of balance and truth: diversify, but never forget the one asset that’s weathered every storm.As governments continue to increase debt ceilings and expand money supply, his words are resonating with investors across continents.