Supervision Management of Other Financial Institutions

The Other Financial Institutions Supervision Department is responsible for supervising exchange houses, finance companies, investment companies, investment funds, and financial and investment consulting companies operating in the country. That is through conducting regular off-site and on-site assessments and inspections to comprehensively address the risks associated with these financial institutions (FIs). This includes evaluating the FIs financial data, internal policies and procedures, and the institutions’ performance in terms of achieving the strategic goals and objectives set by their BODs. The department also ensures ongoing compliance with the QCB instructions and the disclosure of any violations and breaches. Additionally, The Other FIs Supervision Department is responsible for developing and formulating regulatory instructions and guidelines, as well as, reviewing and updating them regularly to enhance the safety of the FIs in accordance with prevailing laws and in line with the best international standards and practices.

The Policies and Procedures Section within the OFIS Supervision Department is responsible for preparing and formulating regulatory instructions and guidelines, and updating them periodically to enhance the safety of OFIs in accordance with applicable laws and best international practices.

The Section also specializes in preparing and formulating circulars issued to OFIs. It is also responsible for monitoring updates, standards, and consultative papers issued by relevant international, regional, and global bodies.

Additionally, the Section is tasked with preparing and designing models and regulatory reporting systems that OFIs are required to regularly provide to the QCB, development them as required.

The Reporting and Data Analysis Section within the OFIS Supervision Department is responsible for analyzing monthly changes in financial data and calculating performance indicators for all OFIs. Accordingly, periodic reports are prepared on a quarterly and annual basis demonstrating the performance and development of OFIs including their internal and external branches. The Section is also responsible for preparing and submitting financial data and indicators requested by local, regional and international entities regarding the performance and development of OFIs in Qatar. Moreover, any other tasks and duties assigned to the Section within the scope of its jurisdiction shall be performed.

The Requests and Approvals Section within the OFIS Supervision Department is responsible for processing all incoming correspondence from exchange houses, finance companies, investments companies and mutual funds.

Requests are comprehensively studied against the instructions and circulars issued by QCB for the OFIs and a letter of approval or rejection is issued accordingly.

The Offsite Inspection Section within the OFIS Supervision Department specializes in reviewing periodic financial data, reporting on the extent of FI compliance with approved financial and banking policies and procedures, anticipating potential risks, and evaluating FIs' efforts to address those risks. It also contributes to enhancing compliance with banking legislation, laws, and regulations, verifying FIs' adherence to them, and working to uncover any breaches or violations to ratios and required precautionary limits settled by QCB.

Onsight Inspection Section within the OFIS Supervision Department is responsible for conducting on-sight examination and assessment of all various types of risks, insuring the compliance of all OFIs with QCB’s instructions, supervisory ratios and limits, reporting any violations or breaches. That includes assessing the compliance of other financial institutions with the Governance instructions across all institutional levels, as well as, assessing the policies, strategies set by the BOD, and its compatibility with the regulatory directions. That is in addition to any other duties or responsibilities assigned to the Section within its mandate.

Supervision Management of Other Financial Institutions​

Supervision Management of Other Financial Institutions