In a move aimed at fortifying Qatar’s financial landscape and positioning it as a global finance player, the country’s Financial Centre Regulatory Authority and stock exchange have entered into a strategic agreement with the Malaysian Rating Corp. Berhad, also known as MARC.
According to a report by the Qatar News Agency, the tripartite memorandum outlines various initiatives to foster growth and sustainability in the financial markets, both domestically and internationally.
This cooperation aims to promote knowledge exchange and build the necessary capacities to uplift Qatar’s bonds and sukuk market.
The agreement seeks to develop the financial market’s infrastructure, enhance standards in sustainability, and foster best practices in capital markets.
“The agreement embodies the common vision that brings us together with MARC, which is to strengthen the infrastructure of the financial sector, stimulate market growth and explore new horizons for mutual benefit and future cooperation,” said Qatar Financial Centre CEO Yousuf Al-Jaida in a statement.
He added: “This step confirms the QFC’s ongoing commitment to strengthening the financial system in the state of Qatar. By cooperating with a prestigious institution like MARC, we will be in a better position to leave an influential mark and enhance our role in setting high standards and stimulating the growth of the financial market.”
Qatar Stock Exchange CEO Abdelaziz Al-Emadi highlighted the partnership as a crucial step toward close cooperation among the three parties.
MARC CEO Datuk Nasir also noted that strategic cooperation is another milestone in the financial services and credit rating agency’s transformation and growth journey.
“Through cooperation with the QFC and QSE, we look forward to achieving excellence in the bond and sukuk markets, enhancing sustainability and developing the financial system in Qatar and beyond,” Nasir stated.
The deal also underscores Qatar’s efforts to become a significant financial hub in the Middle East, capable of influencing economic trends and standards on a global scale.
The cooperation is expected to unfold within the legal and regulatory frameworks of the parties based on reciprocity.
The tripartite agreement is seen as a model for collaborative ventures in the region, setting the stage for future partnerships and alliances that contribute to a robust and resilient financial ecosystem.
Source: Arab News