Qatar Central Bank announces action plan in financial sector

Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin Saud Al Thani has announced that  the country’s regulatory and supervisory bodies in the financial markets and services sectors are currently working on a soon-to-be launched  five-year action plan. Named as ‘Financial Action Strategy 2017-2022’, the action plan comes in the wake of the successful completion of the 2011-2016 strategy.
Sheikh Abdullah was speaking during a ceremony organised on Sunday by the Union of Arab Banks (UAB) to honour him for winning the coveted "Governor of the Year 2016" award, the highest award presented by the Union to prominent banking leaders at regional and international levels.
The central bank Governor said that the banking and financial sector in Qatar has seen significant developments over the past years after the issuance of the Qatar Central Bank Act and the regulation of financial institutions in 2012, where QCB became the supreme competent with all the services, markets and financial activities in the state.
For the first time, the insurance sector was brought under the supervision and QCB. The insurance sector was restructured through the establishment of a department for supervision and control, and operational instructions have been issued, with special guidelines for the operations of Islamic Financial Institutions.  Sheikh Mohammed Al-Jarrah Al-Sabah, Chairman of the Union of Arab Banks said that  Qatar Central Bank Sheikh Abdullah bin Saud Al-Thani is well-deserved for the "Governor of the Year 2016" award.
The Union of Arab Banks is honouring  the QCB Governor in recognition of his policies and strategies adopted under his leadership in Qatar Central Bank and other institutions under its umbrella. The award also recognise his efforts in supporting growth and to maintain financial stability in Qatar  in the wake of the global financial crisis and the challenges imposed by the decline oil prices.