Yousuf Mohamed Al Jaida, Chief Executive Officer of the Qatar Financial Centre (QFC) has highlighted the promise of the growing Islamic financial sector and Qatar’s focus on Islamic finance at the World Economic Forum on Middle East and North Africa 2019.
The forum which has gathered over 1,000 international leaders from government, business, and civil society 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.
At a panel discussion entitled ‘The Promise of Islamic Finance’, discussions delved into crucial issues that impact the realisation of the full potential of Islamic finance. Panelists also discussed the growth of the Islamic financial sector, which has now surpassed $1.7 trillion-mark and continues to hit double-digit growth rates; as well as its potential headwinds such as the need for the flourishing 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.
During the event, Al Jaida also said, “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.”
He added, “Islamic Finance is a key focus area for both Qatar and the Qatar Financial Centre. This was reaffirmed in 2018, when Qatar launched the world’s largest single country Islamic exchange traded fund with an initial asset value of $120m, and in the QFC’s new strategy which aims to serve the $2 trillion global Islamic finance market through three core markets – Turkey, Qatar, and Malaysia. As we move towards achieving a sustainable and inclusive economy, the QFC will also continue to participate in meaningful dialogues that create opportunities and collaborations in support of this goal.”
One of the world’s leading and fastest growing onshore business and financial centres, the 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 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 70+ countries.
Source from: The Peninsula