Page 6 - Annual Report 2024 EN

/ 6 T ABLE OF C ONTENT S

Chairman’s Statement

As we reflect on the year 2024, I am pleased to share the achievements Operational excellence remained a central priority throughout

and progress of the Qatar Financial Centre Regulatory Authority 2024. This was reflected in our commitment to strong talent

(QFCRA). This year has been defined by significant advancements in management, with a particular focus on cultivating future
our regulatory framework, strategic initiatives, and our commitment national leaders. Our nationalisation efforts made significant

to delivering a resilient and dynamic financial ecosystem in Qatar. strides, marked by a notable increase in the representation

of Qatari nationals across the orginisation, especially in
The QFCRA has continued to play a central role in strengthening the
leadership roles. This progress highlights the success
financial services sector. Our implementation of the Third Financial
of the Al Masar programme, which continues to attract,
Sector Strategic Plan (3FSS) has been a driving force behind our policy
develop, and empower Qatari talent, building a workforce
development and strategic initiatives across banking, insurance, digital
equipped for the future. We also continued to advance our
finance, and capital markets. In alignment with the objectives of the
capabilities through the integration of emerging technologies
3FSS, we remain firmly committed to delivering an innovative and
into our organisation and core functions, including
competitive financial services framework for the QFC and Qatar, one that
artificial intelligence and machine learning. Our pursuit of
fosters sustainable, diversified growth and unlocks greater opportunities
excellence in quality management was recognised through
across the financial sector. Our governance framework remains
our participation in the European Foundation for Quality
fundamental to our operations, upholding transparency, integrity,
Management assessment, where we earned a prestigious
and accountability. The Board has actively shaped strategic direction,
4-star rating. This achievement positions the QFCRA as the
overseen executive management, and ensured robust risk oversight.
first financial services entity in Qatar, and only the second in

the GCC region, to receive this distinction, underscoring our
During 2024, we reviewed and approved several new rules and
commitment to operational and organisational excellence.
amendments, reinforcing our dedication to maintaining a sound

and forward-looking regulatory environment. One of this year’s key
Looking ahead, the QFCRA remains steadfast in its
milestones was the launch of the QFC Digital Assets Framework,
mission to ensure a safe, sound, and resilient financial
a comprehensive regime that establishes robust standards for
system in Qatar. We will continue to innovate, evolve,
tokenisation, legal recognition of property rights, and smart contracts.
and lead in regulatory excellence, contributing to the
This initiative lays the groundwork for a secure and transparent digital
economic and social prosperity of the State of Qatar.
asset ecosystem within the QFC. In response to the growing complexity
of operational risks, we introduced new Governance and Controlled On behalf of the QFCRA’s Board of Directors, we would like

Functions Rules, placing greater emphasis on operational resilience to thank all ministries and government entities for their

among authorised firms. We also revised the Banking Business and continued support and cooperation over the past year.

Islamic Banking Business Prudential Rules to align with changes to

global benchmarks set by the Basel Committee on Banking Supervision
and the Islamic Financial Services Board. Our Corporate Sustainability His Excellency Sheikh Bandar bin

Reporting Rules have also been amended to reflect the standards Mohammed bin Saoud Al-Thani

of the International Sustainability Standards Board, reinforcing Governor of the Qatar Central Bank
our commitment to supporting sustainable development goals. Chairman of the QFCRA