Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, joined a gathering of over 1,000 international leaders from government, business and civil society recently during the World Economic Forum on Middle East and North Africa (MENA) in Jordan.
The forum serves as a platform to collaborate on some of the most pressing challenges facing the region, while generating progress on the regional agenda for inclusive growth, social advancement and sustainable development.
QFC CEO Yousuf Mohamed Al Jaida participated in a panel discussion on the topic, ‘The Promise of Islamic Finance’, which delved into crucial issues that impact the realisation of the full potential of Islamic finance.
During the panel, discussions focused on the growth of Islamic financial sector, which has now surpassed US$1.7 trillion-mark and continues to hit double-digit growth rates, as well as its potential headwinds such as the need for the sector to establish a central authority to distinguish sharia-compliant products. The panel also explored how global standards could be established through public-private cooperation.
Al Jaida said that the principle of Islamic finance embodies the concept of sustainable and inclusive growth. As this becomes a key priority within the economic growth agendas of governments and business entities, Islamic financing will progressively establish itself as the most equitable gateway to financial security.
Islamic finance is a key focus area for both Qatar and QFC. This was reaffirmed in 2018, when Qatar launched the world’s largest single country Islamic exchange traded fund with an initial asset value of US$120 million, and in QFC’s new strategy, which aims to serve the US$2 trillion global Islamic finance market through three core markets – Turkey, Qatar, and Malaysia.
As we move towards achieving a sustainable and inclusive economy, QFC will also continue to participate in meaningful dialogues that create opportunities and collaborations in support of this goal.’
QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally-sourced profits, and an extensive double taxation avoidance agreement network with over 70 countries.
For updates and more information about QFC, visit their website at qfc.qa.