Tribune News Network
Doha
Qatar Central Bank (QCB) on November 12 organised a capacity-building programme with the International Islamic Liquidity Management Corporation (IILM) for banks and financial institutions operating in the country titled ‘The Role of Islamic Financial Markets and Instruments in the Development of the Debt Capital Market in Qatar.’
In his opening address, Assistant Governor for Supervision at Qatar Central Bank Hamad Ahmed Al Mulla highlighted the importance of this joint initiative between QCB and IILM in organising this programme designed to enhance and develop Islamic capital markets in Qatar in line with the Third Financial Sector Strategy, which envisions the creation of an innovative and efficient financial market.
He added that the programme would help enhance the understanding of the role of Islamic financial markets and instruments, explore emerging opportunities, and share best practices that can help achieve strategic objectives.
Al Mulla also emphasised Qatar’s prominent role in the Islamic finance industry globally, noting that the country ranks sixth among the top Islamic finance jurisdictions, according to the latest report issued by the Islamic Financial Services Board (IFSB).
He pointed out that Qatar has over four decades of experience in the Islamic finance sector, with Islamic banking assets accounting for nearly 28.94 percent of total banking assets as of the end of September 2024, equivalent to about QR576 billion.
He further stated that Sukuk (Islamic bonds) are a key pillar in enhancing Islamic capital markets and improving liquidity management tools for Islamic financial institutions, especially given the global growth of the sukuk market, which has proven resilient despite the global macroeconomic challenges.
In this context, Al Mulla reiterated Qatar Central Bank’s important role as a key shareholder in the International Islamic Liquidity Management Corporation, supporting the development of IILM’s sukuk, with Qatar holding a 74 percent share of IILM’s asset portfolio, fully guaranteed by Qatar.
In his closing remarks, Assistant Governor for Financial Instruments and Payment Systems Sheikh Ahmed bin Khalid Al Thani commended the topics covered by the programme. He expressed confidence that the programme would significantly contribute to the development of Islamic capital markets in Qatar in line with strategic initiatives, including the Third Financial Sector Strategy and the recently launched Qatar Central Bank Strategy 2024-2030 in conformity with Qatar National Vision 2030.
Sheikh Ahmed called for continued knowledge sharing and collaboration among financial industry stakeholders, particularly market practitioners, and international Islamic finance institutions, expressing his hope for the continued contribution of such platforms to fostering financial stability and growth within the Islamic finance ecosystem in Qatar.
The one-day capacity building programme was attended by a diverse group of stakeholders and key players in the banking and financial sectors, along with representatives from Qatari banks and financial institutions. The programme provided a unique opportunity to explore the role of Islamic financial markets in enhancing and developing capital markets in Qatar.
The capacity-building programme also included a series of sessions on key topics, comprising Qatar’s financial sector, the outlook for the national economy, Qatari capital markets, and Qatar Central Bank’s role in fostering the growth of Islamic capital markets and Islamic banking services in Qatar.