The Commercial Bank of Qatar (CBQ) recently announced the launch of a new Shariah compliant ‘Global Multi-Asset Fund’ managed by Franklin Templeton Investments. The announcement was made to CBQ’s premium banking customers at an exclusive event held in Doha, Qatar. The head of retail banking at CBQ, Shahnawaz Rashid, commented on this announcement stating that: “Our strategic vision is to become the wealth manager of choice for our clients by providing the most innovative and customizable investment solutions. We strive to always add value to our premium customers’ lives and help make their financial goals and aspirations a reality.”
The Arab Fintech Forum was held in Doha on the 10th and 11th October, and was attended by various start-ups and entrepreneurs. A number of local, regional and international speakers delivered speeches covering topics such as challenges in the cybersecurity space, the evolution of digital banking and blockchain technology, among others.
The Arab Fintech Forum also included a ‘Pitch Pit’ segment, which gave fintech entrepreneurs and start-ups in Qatar an opportunity to present their concepts to a panel of investors. The senior manager of investments at Qatar Development Bank, Mohamed Abdulsalam al-Emadi, gave a speech at the opening ceremony of the Arab Fintech Forum noting that he anticipates the global fintech sector to generate nearly US$1.5 trillion by 2030.
QIIB announced that it has signed an MoU with FynPay, a Qatar-based fintech company, to provide digital and technological solutions to the bank. QIIB CEO Dr Abdulbasit Ahmad Al-Shaibei commented on the MoU noting that: “QIIB is pleased to launch our partnership with FynPay. The MoU aims to keep abreast of the significant technological advances in the banking sector in Qatar, in line with QCB’s efforts to implement its ambitious digital strategy.”
On the 28th September 2023, the Qatar Central Bank (QCB) auctioned treasury bills and Sukuk through an auction conducted under the enhanced auction procedures introduced by the QCB on the 21st September 2022. The auction attracted bids amounting to QAR11.8 billion (US$3.23 billion). According to the QCB, the total allocated amount was QAR5.5 billion (US$1.5 billion), allocated across tenors ranging from one week to nine months and yields ranging from 5.76% to 6%.
The board of directors of Masraf Al Rayan announced that the bank intends to approve and disclose the consolidated interim financial statements for the period ending the 30th September 2023 during a board meeting that will be held on the 26th October 2023.
Amjad Hussain is a partner at K&L Gates. He can be contacted at [email protected].