The Law of
the Qatar Central Bank and the Regulation of financial Institutions Issued by
virtue of Law no (13) of 2012 defined QCB Objectives and its relations with
other institution in Qatar under Part II in Articles no.5,6,7 and 8 as follows:
(5) defines that QCB, for the purposes of developing and supporting the
national economy, aims at achieving the following within the framework of
Qatar’s general economic policy:
1. Preserve money value and assure monetary
2. Act as a regulatory, control and
supervisory higher authority for all the services, business, markets and
financial activities inside or through the state of Qatar in accordance with
the best international standards and practices.
3. Establish a stable, transparent,
competitive and governance sector for carrying out services, business, markets
and financial activities based on market rules.
4. Reinforce public confidence in Qatar as a
pioneering global hub for services, business, markets and financial activities.
5. Ensure consistent development of
services, business, markets and financial activities sector in line with the
objectives of economic and comprehensive development in Qatar.
(6) denotes that QCB seeks to achieve the objectives of the general economic
and development policies in cooperation and coordination with the competent
ministries and government authorities in a manner that does not contradict with
the following objectives:
1. Stability of QR exchange rate and its
capability of being exchanged for other currencies.
2. Stability of commodities and services
3. Financial and Banking Stability
(7) defines that QCB, as the competent higher authority, layout and enforce the
State monetary policy, policy of the exchange rate and financial and banking
supervision within the framework of the national strategy and in accordance
with the best international standards and practices, and shall carry out the
necessary actions, especially the following:
1. Cash issuance and regulation of its
2. Act as a bank of the government.
3. Act as a bank for all the banks and
financial institutions operating in Qatar.
4. Establish regulations and rules, which
lead to the stability of the financial and banking system and increase its
efficiency and contribute to its development.
5. Lay out regulations, instructions and
guidance on governance, transparency and sound management in all financial
institutions under QCB’s supervision.
6. Lay out and implement principles,
regulations and standards related to control and supervision of the financial
7. Establish, either by itself or
contributing with other banks working in the State, a system or a fund for
protecting and ensuring deposits.
8. Establish systems and procedures for
protecting consumers of financial services and products, including regulation
of instruments and financial products and derivatives, and raising awareness of
the surrounding risks.
9. Grant licenses for financial institutions
to carry out services, business and financial activities and supervise and
control them subject to the provision of this Law and the relevant implementing
10. Facilitate and encourage innovation in
providing services, business and financial activities.
11. Take the necessary measures to counter
global, regional and local, economic and financial disturbances in coordination
with the ministry.
12. Take the necessary measures to reduce crimes
related to services, business and financial activities.
13. Administer and invest its money and reserves.
14. Establish, administer and develop supporting
financial and banking services systems.
15. Establish, administer and develop credit
bureaus, institutions and corporates which serve its objectives.
16. Offer advice to the Council of Ministers in
all financial and economic affairs.
17. Notify the Council of Ministers of any
factors, which may endanger the financial or banking stability and propose the
18. Represent the State in international and
regional financial monetary institutions.
19. Collect and publish studies and statistics
relating to QCB role and functions.
20. Any other duties or competencies assigned by
H. H. the Emir.
(8) defines that QCB, as the competent higher authority, shall in accordance
with the best international standards and practices layout and enforce policies
related to regulation, control and supervision of all services. Business and
financial activities carried out by or through Qatar Financial Center (QFC),
and shall lay out and follow up the enforcement of the policies related with
regulation, control, and supervision of all the financial markets in Qatar.