DOHA, Qatar, 13 March 2011

As part of its mandate to support and develop the growth of the financial services industry in Qatar through knowledge advancement in financial services expertise and regulation, the Qatar Financial Centre Authority (‘QFC Authority’) yesterday welcomed 45 executives from the Ministry of Justice to take part in a QFC awareness and educational training program presented by senior management from the QFC Authority (‘QFCA’), the QFC Regulatory Authority (‘QFCRA’) and the QFC Judiciary (‘QFCJ’).

The presentations were devised and structured by the QFCA, QFCRA and QFCJ in order to facilitate a deeper understanding of the local and regional developments within the financial services industry, as well as offering the Ministry of Justice a technical focus on the legal and regulatory environment that support the expansion of the QFC.

Within the overall program a number of important areas were discussed at length, facilitating a greater mutual understanding and appreciation of the legal, judicial and regulatory functions provided by the QFC entities.

The session began with an overview of the QFC Authority’s overarching role supporting and developing the local market, before moving on to its three hub strategy, focusing on asset management, re-insurance and captive insurance. The QFC on-shore legal environment was explained and discussed including the licensing process and other initiatives.  The QFCRA then explained their authorization, supervision and compliance work. Finally the QFCJ presented details on its specific role, including the legal dispute resolution infrastructure essential for the success of a modern, forward looking financial centre.

In turn, the presentations also helped to highlight the successful work and achievements made to date by the QFC Authority, QFCRA and QFCJ. The discussions also encouraged the fostering of a shared dialogue on common and reciprocal areas of interest, designed to enhance further beneficial development between the QFC and the Ministry of Justice.

David Dhanoo, Group Chief Legal Officer & Board Secretary at the QFC Authority commented: “The training session was an excellent opportunity for the QFC entities to explain and discuss the strategic development of the QFC as well as the world class legal environment, financial services regulation and specialist judiciary that underpins the success and further development of the Qatar Financial Centre.  QFC licensed firms are able to do business both internationally and locally from the QFC and financial services education and knowledge transfer to Government Ministries and other local bodies are  an important objective of the QFC.”

-Ends-

Notes to Editors

The QFC Authority is the commercial arm of the Qatar Financial Centre (“QFC”). Set up by the Government of Qatar in 2005, the QFC also consists of an independent financial regulator, the QFC Regulatory Authority, and an independent judiciary comprising a Civil and Commercial Court and a Regulatory Tribunal. The QFC Authority is responsible for leading the expansion of Qatar’s financial services sector and for developing relationships with the regional and global financial community. In February 2010 the QFC Authority unveiled a new strategy focusing on the creation of a global business hub for three core markets - Asset Management, Reinsurance and Captive Insurance. The QFC operates to international standards and provides a first class legal and business infrastructure for those operating within the QFC. www.qfc.com.qa

The Qatar Financial Centre ("QFC") Judiciary, comprising the QFC Civil and Commercial Court and the QFC Regulatory Tribunal, has been designed to provide the legal dispute resolution infrastructure essential for the success of a modern, forward looking financial centre such as the QFC. International financial bodies and other commercial institutions will only wish to become involved in such a Centre if they are satisfied that it is properly regulated, that it upholds the rule of law, and that its organisational arrangements are transparent. The establishment of the QFC Judiciary completes the Qatar government's ambitious plan to create a world class international financial centre. The President of the Court is Lord Woolf, former Lord Chief Justice of England and Wales, and the Chairman of the Tribunal is Sir William Blair, former Chairman of the UK Financial Services and Markets Tribunal.

About the Qatar Ministry of Justice
Our Vision
The Ministry of Justice to the dissemination of legal awareness in society and a culture of respect for the law within the State of Qatar, to ensure peace, security and welfare of citizens.
Our Tasks

• High-level training for jurists and lawyers.
• Disseminate the latest information about the laws and regulations, decisions and decrees and ministerial princely issued in the State of Qatar through the issuance of the Official Gazette of the State of Qatar
• Contributing through the center of the protection of intellectual property rights in the maintenance of intellectual property rights.
• Investigation of cases of piracy and violation of trademark rights, and the issuance of related provisions.
• Type text or a website address or translate a document. Cancel Listen Arabic to English translation Provide a wide range of legal services and authentication services and real estate registration for citizens and residents through the Department of Real Estate Registration and Certification Department of the Ministry
  http://www.moj.gov.qa