The 3rd Financial Sector Strategy launched by the Qatar Central Bank wass inaugurated yesterday

H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, the prime minister and minister of foreign affairs, officially opened the third financial sector strategy that the Qatar Central Bank unveiled yesterday.

"Today, we launched the 3rd Financial Sector Strategy plan for the State of Qatar, which aims at innovation & diversification to enhance our country's position as an advanced global centre in the field of financial services," said the Prime Minister and Minister of Foreign Affairs in a post on the X platform. The first and second strategies, which are seen of as a road map for creating a stable and adaptable financial system that promotes sustainable economic growth, are expanded upon in this plan.

Along with a number of high-ranking officials and representatives of the financial sector, the launch was witnessed by Ministers of Finance H E Ali bin Ahmed Al Kuwari, Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, and Communications and Information Technology Minister Mohammed bin Ali bin Mohammed Al Mannai. In keeping with Qatar National Vision 2030, it seeks to strengthen the financial industry in the nation to support the expansion of important industries and the country's economy.

The Governor of the Qatar Central Bank, H E Sheikh Bandar bin Mohammed bin Saoud Al Thani, gave a speech at the event and said that the strategy's introduction marks the beginning of a new era of excellence, prosperity, and innovation, underpinned by the solid foundations of our country's economy, which is led by Amir H H Sheikh Tamim bin Hamad Al Thani.

The governor of QCB continued, stating that Qatar has made significant progress in a number of areas, culminating in its successful 2022 FIFA World Cup hosting.

In the upcoming years, the Third Financial Sector Strategy offers a well-defined path that helps recognise prospects and tackle any obstacles. This plan, which was created in compliance with international guidelines, is distinguished by its all-encompassing approach, which attempts to fortify the financial industry, promote the expansion of the national economy, and attain financial stability through the establishment of a strong and efficient supervisory framework.

The strategy is based on four pillars: capital markets, banking, insurance, and the digital finance ecosystem. These pillars are bolstered by five overarching themes: talent and capabilities, ESG and sustainability, Islamic finance, digital innovation and advanced technologies, and governance and regulatory oversight.