The Qatar Financial Center signed a memorandum of understanding with Al Rayan Bank, with the aim of facilitating QFC companies’ access to banking services, and enhancing cooperation in the fields of Islamic finance and capital markets in Qatar.
Under the memorandum, the Qatar Financial Center will work to promote Al Rayan Bank as a strategic banking partner for companies licensed on its platform and new companies wishing to open bank accounts. In return, Al Rayan Bank will develop a package of banking solutions and services designed specifically for the center’s companies and their employees, including providing immediate banking services to employees newly arriving to Qatar. The two parties will also discuss the possibility of linking their digital platforms to simplify and accelerate the procedures for opening bank accounts for companies registered with the center.
This memorandum establishes a framework for joint cooperation between the two parties in the field of combating financial crimes and reducing their risks, including money laundering, terrorist financing and fraud, through exchanging information, applying best practices, and enhancing alignment with relevant international regulatory standards.
The memorandum stipulates strengthening cooperation to ensure smooth data flow, unify procedures, and enhance operational efficiency between the two sides, especially with regard to procedures for joining QFC clients. Through this cooperation, the two parties will work to enhance access to banking and investment solutions provided by Al Rayan Bank and Al Rayan Investment Company, in addition to providing customized banking offers and exclusive benefits to QFC licensed companies and their employees.
Commenting on the memorandum of understanding, Mr. Mansour Rashid Al Khater, CEO of the QFC, said: “This partnership reflects our commitment to enhancing the attractiveness of the business environment for QFC companies by expanding access to banking solutions and financial services, in addition to promoting innovation in the fields of Islamic finance and capital markets. Through our close cooperation with Al Rayan Bank, we look forward to enhancing the value we provide to companies and contributing to supporting the continued development of the financial system in Qatar.”
For his part, Mr. Fahad bin Abdullah Al Khalifa, Group CEO of Al Rayan Bank, said: “Our cooperation with the Qatar Financial Center represents another step in Al Rayan Bank’s commitment to providing a more seamless and digital banking experience for companies operating in Qatar. By exploring the integration of our digital platforms, we aim to simplify the account opening journey for entities registered in the QFC, enhance operational efficiency, and provide faster and easier access to our banking services, while adhering to applicable regulatory requirements and approvals. This initiative reflects our shared commitment to supporting the business environment in Qatar by Through innovation, collaboration and customer-focused digital solutions.”
This partnership reflects the complementary roles between the Qatar Financial Center and Al Rayan Bank in supporting business growth and developing the financial sector in the State of Qatar, by facilitating access to financial services, enhancing cooperation in the fields of Islamic finance and capital markets, and launching joint initiatives that contribute to exchanging experiences and building capabilities.
