Instructions to Banks - September 2013
Qatar Central Bank (QCB) is pleased to issue "Instructions to Banks - September 2013", Fifteenth Edition, for purpose of facilitating the banking sector to be aware of all the effective prudential regulations, their amendments and explanations. The following instructions are an integrated part of the previous edition (Fourteenth Edition) including the amendments, additions and deletions in pursuance with articles of The Law of the Qatar Central Bank and the Regulation of Financial Institutions (Law no. (13) of 2012), in addition to all the circulars issued and effective up to September 2013.
The Law of the Qatar Central Bank and the Regulation of Financial Institutions has been issued by virtue of Law no. (13) of 2012 in 2/12/2012. Decree Law no. (1) of 1966 on the Supervision and Control of Insurance Firms and Decree Law no. (33) of 2006 on Qatar Central Bank, and the amending laws thereof have been cancelled. Any provision that violates the provisions of the Law of the Qatar Central Bank and the Regulation of Financial Institutions (Law no. (13) of 2012) shall be annulled.
Article no. (3) of the Law of Qatar Central Bank and the Regulation of Financial Institutions (Law no. (13) of 2012) states that all the bodies subject to the provisions of the law shall adjust their situations within a period of six months as of the date of implementation. This period has ended and has been extended for a similar period that ends at January 30, 2014 in accordance with circular no. (64/2013).
The Law of the Qatar Central Bank and the Regulation of Financial Institutions (Law no. (13) of 2012) includes ten chapters; chapter 1: Definitions, chapter 2: The Organization of the QCB and the Relationship of the QCB with the Government, chapter 3: Currency, Monetary Policy, and Exchange Rate, chapter 4: Regulation of Financial Institutions, chapter 5: Control and Supervision of Financial Institutions, chapter 6: Protection of Financial Institutions Customers, chapter 7: Mergers, Temporary Management, and Liquidation, chapter 8: Dispute Resolution, chapter 9: Sanctions and Financial Penalties, and chapter 10: General Provisions.
These instructions are classified into thirteen parts. The first six parts deal with Monetary Policy, Public Debt, Banking Affairs and Issuance, Government Bodies, and Banking, Payment and Settlement Systems.
Part Seven deals with Supervision and Control which includes eleven chapters that cover the Managerial and Banking Risks, Relationship with Customers, Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT), Financial Statements, Modern Technology and E-banking Services Risks, Qatar Exchange, etc.. The last six parts deal with Instructions of Financial Stability and Statistics Department, various topics including Correspondences with QCB, Sanctions and Financial Penalties, Periodical Data, Risk Management, Qatar Credit Bureau, and Tables, Forms and Filling Up Instructions.
In addition, there are other recently issued instructions for statistical requirements which are not included in these instructions as they are provisionally implemented.
QCB issues the instructions book on an annual basis with all the amendments made up to issuance date.
These instructions are available on QCB’s website: www.qcb.gov.qa.
QCB would like to take this opportunity to express thanks and gratitude to His Highness Sheikh Tamim Bin Hamad Al-Thani the Emir of the State of Qatar and His Highness Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani the Prime Minister and Minister of Interior, for their sustainable support to QCB.
Abdullah Bin Saud Al-Thani