Doha, 23 June 2008

The Qatar Financial Centre Authority has announced that agreement has been reached to establish the Qatar Insurance Platform (QIP), a technology-based insurance trade fulfillment platform. QIP will provide an electronic trading service, facilitate transaction workflow, deliver trade documentation and effective management information, and ultimately enable straight though processing capabilities.

The establishment of QIP will advance the sophistication of Qatar’s insurance industry, and will help to attract further insurance expertise to Qatar. It will also bring together international insurers/reinsurers and brokers to conduct insurance trading activities through the platform. In so doing it will fortify Qatar’s intention to become the region’s leading insurance centre, and provide access for the global insurance and reinsurance industry to a fast growing portfolio of GCC, Central and Southern Asian risks for structuring and placement.

The first phase will go live in a pilot operation in the 4th quarter of 2008

Media Contact

Steve Martin
Director of Marketing and Corporate Communications
Tel +974 4967755 Mob +974 583 1937
e-mail s.martin@qfc.com.qa

Notes to Editors:

Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.

QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates 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. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.

QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.