The Qatar Central Bank (the "QCB") stated in its
recent Financial Stability Review for 2018* that efforts were in
place to harmonise the Shariah regulatory framework for the Islamic
banking sector in Qatar. We take a closer look at some of these
initiatives and what they mean for the Islamic finance market.
Such efforts by the QCB illustrate a
maturing Islamic finance industry in Qatar
Centralised supervision
The recently announced initiatives include establishing a
centralised Shariah supervisory body and preparing Shariah
standards to govern various Islamic banking products and
transactions. Such efforts by the QCB illustrate a maturing Islamic
finance industry in Qatar. They are also in line with various steps
taken in other countries such as Malaysia and Indonesia and
elsewhere in the GCC to harmonise Shariah products and practices
and to ensure a higher level of supervision. Centralised
supervision is of increasing importance in the region given
