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Sunday, September 8, 2024 0:47 GMT
Qatar Central Bank (QCB) organized, a joint Capacity Building Program with the International Islamic Liquidity Management Corporation (IILM) for banks and financial institutions in Qatar in the presence of Sheikh Ahmed bin Khalid Al Thani, Assistant Governor, Financial Instruments & Payment Systems, Yousuf Mohamed Al Jaida, Chief Executive Officer of Qatar Financial Centre and Dr. Umar Oseni, Chief Executive Officer of the International Liquidity Management Corporation.In his speech, Sheikh Ahmed bin Khalid Al Thani, Assistant Governor, highlighted the importance of this joint program as it contributes to supporting the financial sector in the country stating that: “The topics raised during the workshop highlighted their importance to Islamic financial institutions including Islamic banks for the development of Islamic capital markets in Qatar, in line with QCB’s strategic initiatives”.Sheikh Ahmed also praised the engagement and productive deliberations throughout the day as the program provided the ideal platform for the participants and speakers to exchange ideas and experiences, which would enhance the spirit of initiative and innovation, calling for continued knowledge sharing and collaboration between industry stakeholders, particularly market practitioners and international Islamic finance institutions. The one-day Capacity Building Program brought together key stakeholders and specialists in banking and finance, as well as representatives of Qatari banks and financial institutions.Through this initiative, Qatar Central Bank aims to develop capital markets and manage liquidity in compliance with the provisions of Islamic Sharia in Qatar by bringing together a group of stakeholders and specialists from the Islamic finance industry to engage in thoughtful discussions on the current state of liquidity management, as well as the challenges and opportunities available to achieve growth in this sector.The program also represented an important opportunity to explore the Islamic financial market role in enhancing and developing domestic capital markets in Qatar, in light of the expansion and growth witnessed by the Qatari financial markets thanks to their pioneering legal and logistical framework at both regional and global levels, enabling them to attract capital flows from various parts of the world.As part of the Capacity Building program, panel sessions were held to discuss vital issues, namely the prospects for growth of the capital market in compliance with the provisions of Islamic Sharia in Qatar, in addition to the challenges facing this market and the opportunities for Doha to become the new Islamic Finance Hub. The role of Islamic finance in supporting the Qatari economy was also discussed, highlighting QCB’s pioneering role in enhancing Islamic liquidity management tools in Qatar through legislative, supervisory and regulatory frameworks.