Today, the Qatar Central Bank announced its joining the Gulf Payments System “Afaq”, which is operated by the Gulf Payments Company, thus completing the membership of the central banks of the Gulf Cooperation Council countries in the system, thus enhancing financial and monetary integration between the GCC countries.
The Qatar Central Bank pointed out that three Qatari commercial banks have joined the “Afaq” system. They are Doha Bank, Qatar International Islamic Bank, and Dukhan Bank, to be among the first commercial banks in the State of Qatar to participate in the system, thus bringing the total number of participating banks from the GCC countries in the “afaq” system to 74 banks.
The accession of the Qatar Central Bank is an important step in the process of developing the Gulf payments system, as it is completed by the accession of central banks in the Gulf Cooperation Council countries to the “Afaq” system, which enhances the interconnectedness of the payments infrastructure between the countries of the region, and supports the efficiency, speed and security of cross-border payments and financial transfers.
This step comes within the framework of the joint efforts made by the GCC countries to develop regional payment solutions that contribute to supporting the movement of trade, business and investment, in line with the trends aimed at enhancing economic and financial interconnection between the GCC countries.
It is expected that during the next phase, the scope of commercial banks’ participation in the “afaq” system will expand, in parallel with the development and expansion of the scope of services provided by the system in the Gulf Cooperation Council countries. This represents an extension of the ongoing path towards building a more integrated and efficient Gulf payments system, and enhancing the levels of financial interconnection between the GCC countries, in a way that supports the goals of joint economic and financial integration in the long term.
