Industrial & Commercial Bank of China granted license to establish an office in Qatar
Industrial & Commercial Bank of China （“ICBC”）has announced that it has been authorised by the Qatar Financial Centre Regulatory Authority to operate a full branch from the Qatar Financial Centre.
Jiang Jianqing， Chariman of ICBC, said: “We are delighted to have received our license from the Qatar Financial Centre. This is the first time a Chinese bank has established operations in the Middle East, which is an evidence of our continued commitment to supporting the growth and development of our clients interests in the Middle East.”
Stuart Pearce, CEO & Director General of Qatar Financial Centre Authority, said: “We are very pleased to welcome Industrial & Commercial Bank of China as a licensed firm and see their commitment to Qatar as evidence of the growing trade between China and the Middle East and a further endorsement of the high standard legal and regulatory environment we have created with the QFC. We expect the presence of Industrial & Commercial Bank in Qatar to support further growth in the relations between Qatar and China and to also significantly stimulate new public and private sector investment initiatives in Qatar.”
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.
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.
The QFC Civil and Commercial Court and QFC Regulatory Tribunal
The QFC Civil and Commercial Court and QFC Regulatory Tribunal were launched in February 2007. The President of the Court is Lord Woolf, formerly Lord Chief Justice of England and Wales. The Court is modelled on the internationally respected Commercial Court in London. In the event of disputes in matters of law, it will be the final arbiter. The Regulatory Tribunal has been established to hear and decide upon appeals from decisions of the QFC Regulatory Authority and other QFC agencies. Its Chairman is William Blair, QC. Both the President and the Chairman are supported by Judges who have held the highest judicial offices in their own jurisdictions.