QFCRA Issues Proposals on QFC Islamic Finance System

Doha, October 10 (QNA) - Qatar Financial Center (QFC) Regulatory Authority on Wednesday released a consultation paper relating to the Regulatory Authority's Islamic finance system. The paper seeks comment on the Regulatory Authority's proposals to amend the Islamic Finance Rulebook so that authorized firms would be unable to conduct Islamic finance business through the operation of an Islamic window, a QFCRA statement said. The proposals will mean that an authorized firm will only be able to hold itself out as conducting Islamic financial business when it is authorized as an Islamic financial institution. This proposal is relevant for authorized firms who have an endorsement on their authorization which allows them to operate an Islamic window or prospective firms seeking approval to do so. The consultation period for responses is open until 12 November 2012, the statement said. QFCRA, the independent regulatory body of QFC, was established to regulate firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. In addition, it regulates firms using principle-based legislation of international standard, modeled closely on the laws used in other major financial centers. (QNA)