2030 vision in Doha
The Euromoney group held a capital markets conference in Doha, this week, which brought together the major conventional and Islamic banks of the region.
In a series of opening speeches the Prime Minister of Qatar, Abdullah bin Nasser bin Khalifa Al Thani, Minister of Finance Al Shareef Al Emadi and Sheikh Abdullah bin Saud Al Thani, the Governor of the Central Bank, all chose to focus on “Vision 2030”, a plan for the economic and social development of the country designed to deliver long-term financial sustainability. Intermediate goals are the development of the private sector and the success of the 2022 FIFA World Cup, the first to be held in an Arab country. This last project, worth billions of dollars, is currently the engine of the construction industry.
In a wide-ranging interview with Euromoney Director Christopher Garnett, Nicolas Mackel underlined the political and economic stability of the Grand Duchy, presenting Luxembourg as a diversified financial centre and a gateway to the European market. Speaking to an audience of capital markets professionals, he emphasised the pioneering role played by Luxembourg in the development of the Eurobond, GDR and sukuk markets, adding that Luxembourg was now the premier renminbi centre in the Eurozone. LFF, which signed an MoU with the Qatar Financial Centre Authority in 2012, was also present at the two-day event with a promotional stand.
Following Sarkis Yoghourtdijan of the Federal Reserve, who gave a lively, personal view of what ought to happen in the US banking sector, Khaled Al Fakih, CEO of AAOIFI (the Islamic accounting and auditing institution) outlined his vision for the Islamic banking sector: a transparent regulatory framework, a more diversified investor base, more shariah compliant risk management instruments and stronger investor protection. The institution has already published 88 standards: 48 on shariah compliance, 26 accounting standards, 5 concerning questions of audit, 7 on governance and 2 codes of ethics.