Through this collaboration, we are poised to amplify our impact on setting high standards and catalysing growth in the financial market.
Yousuf Mohamed Al-Jaida
Chief Executive Officer, QFC Authority
10 September 2023, Doha – Qatar: The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, the Qatar Stock Exchange, the principal stock exchange of Qatar and Malaysian Rating Corporation Berhad (MARC), a prominent financial services and credit rating agency in Malaysia, renowned for its expertise in providing public and private ratings on companies and their debt instruments, have entered into a Memorandum of Collaboration (MoC).
The agreement outlines a framework of cooperation to pursue a range of strategic initiatives aimed at advancing the financial landscape, both within the local and international arenas, with a specific emphasis on bonds and Sukuk. The scope of the collaboration encompasses organising joint events that foster knowledge exchange, developing sound market infrastructures and building the necessary capacity to support Qatar's bonds and Sukuk market. Furthermore, the partnership extends to exploring opportunities to establish best standards and practices in the domains of sustainability and debt capital markets and pursuing cooperation in other areas within their fields of expertise and mutual interest.
Commenting on the MoC, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said, "This partnership underscores our shared mission with the QFC and MARC to strengthen financial infrastructures, stimulate market growth, and explore new avenues for mutual development. It also demonstrates the QFC's unwavering commitment to bolstering Qatar's financial ecosystem. Through this collaboration, we are poised to amplify our impact on setting high standards and catalysing growth in the financial market."
Abdulaziz Nasser Al Emadi, Acting CEO of Qatar Stock Exchange, welcomed the signing of the Memorandum Of Cooperation (MoC) with the Malaysian Rating Corporation (MARC) and the Qatar Financial Center (QFC) and described it as a significant step towards exploring the best ways for close cooperation among the three parties to develop the fundamental structure of Qatar's financial market, adopting best practices related to corporate performance, as well as strengthening public debt markets at the local and international levels.
“The Signing of this tripartite MoC will strengthen the existing excellent relationships between the Qatar Stock Exchange and other Qatari financial institutions with the Malaysian Rating Corporation and other financial institutions in Malaysia's financial markets. These relationships are anticipated to serve shared interests and facilitate collaboration between the two parties”, Al-Emadi stated.
Datuk Jamaludin Nasir, Group Chief Executive Officer, MARC, also commented on the MoC, stating, "This strategic collaboration with the Qatar Financial Centre and Qatar Stock Exchange marks another milestone for MARC’s exciting transformational and growth journey. Together with QFC and QSE, we look forward to driving excellence in the bond and sukuk markets, promoting sustainability, and advancing the financial ecosystem in Qatar and beyond. This collaboration reflects our dedication to utilising MARC's capability and experience in contributing to the growth and development of the financial markets in Qatar and the region.
This agreement between the QFCA, QSE and MARC to jointly carry out initiatives to advance the financial market will be governed by the principles of reciprocity and executed within the boundaries of the parties' respective legal and regulatory frameworks.