The Qatar Central Bank (QCB) has called for closer co-operation among the regulators in the GCC to effectively address the loopholes in the region’s financial and business regulatory frameworks.
“Co-operation amongst GCC (Gulf Cooperation Council) regulators is now a crucial need especially as we move forward with addressing loopholes in the GCC financial and business regulatory frameworks,” QCB Governor HE Sheikh Abdullah bin Saud al-Thani told the 7th GCC Regulators Summit, which got underway in Doha yesterday.
Qatar has made rapid developments in the financial sector with the setting up of credit bureau and legislating a new law to enhance financial stability in the country, he said at the summit, hosted by Thomson Reuters, in association with the QCB, the Qatar Financial Market Authority and the Qatar Financial Centre Regulatory Authority (QFCRA).
In December last year, the government approved a law that provides for an umbrella body to regulate banks, financial services and insurance companies and the country’s bourse as well as banking, financial and insurance companies licensed by the Qatar Financial Centre.
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