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QFC Targets 50 Islamic Financial Companies.

Qatar Financial Centre (QFC) Authority's five-year plan to attract more companies and talents will also see wooing maximum number of Islamic financial institutions.

"Our five-year plan has its focus on to create 10,000 jobs and attracting 1,000 more companies. But within this entire plan, there is a financial services plan, which includes an initiative to attract maximum number of Islamic financial institutions. The idea is to create Doha as a regional capital of Islamic finance", Yousuf Mohamed Al Jaida, Chief Executive Officer, Qatar Financial Centre (QFC) Authority said yesterday.

Speaking on the sidelines of a media conference, Al Jaida said more than 10 Shariah-compliant companies are currently operating under QFC. "We are targetting a thousand more companies by 2022,and within that we are planning to bring in 50 Islamic finance companies", the QFC Authority CEO said.

The total number of Shariah-compliant financial institutions in Qatar is something more than 20. This is just a fraction of the size of conventional banks in the country. The QFC is trying to develop Doha as a suitable destination for Islamic finance centre, where international non-Islamic companies can do Islamic finance businesses through Qatar. That's an area QFC is seriously looking at.

On QFC companies going public, Al Jaida said QFC is looking at 5 percent of its total companies getting listed. "We are looking at 15 companies to be listed by 2022. Of this, 5 are in the pipeline and two of them will be listed this year."

Commenting on Qatar's economic growth, Al Jaida said the region is very ambitious in the context of the current geopolitical situations. QFC is expecting a 3.1 percent to 3.5 percent growth for Qatar during 2017-18. "We expect the country will maintain this growth rate until 2025."

Government will continue to increase its spending both in FIFA 2022-related projects and non-FIFA projects. This will continue to drive the economy within the next ten years. Within this time span, private sector participation in the local economy is expected to triple in size, hopefully to be able to balance the economy, enabling the private sector to partially run the economy, he said.

Source: the Peninsula

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Geographic Code:7QATA
Date:Jan 4, 2018
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