QIIB CEO emphasises role of banks in Qatar
CEO of Qatar International Islamic Bank (QIIB) Dr. Abdulbasit Ahmed Al Shaibei has emphasized the importance of the axes being addressed by the Qatar Economic Forum. He has highlighted the role of banks and the banking system in financing economies amidst the current global changes, such as inflation and new economic alliances.
In an exclusive interview with Qatar News Agency (QNA), Dr. Al Shaibei stated that the banking sector serves as a reflection of the overall economic situation in any country. It plays a significant role beyond the local markets, boosting international investors’ confidence and positively influencing the national economy. The strength of the banking sector predicts the overall economic strength, leading to social stability and positive growth indicators.
Dr. Al Shaibei emphasized that the Qatari banking sector’s resilience stems from various factors, including wise economic policies, optimal resource management, economic diversification, the abundant financial resources of the energy sector, substantial financial reserves, and a robust legislative and regulatory structure. These factors make Qatar highly competitive and efficient in managing its economy.
He further highlighted that the strength and attractiveness of the Qatari banking sector create an ideal environment for economic recovery, investment prosperity, and opportunities that attract global companies to the Qatari market. Qatar’s reputation as a global center, bolstered by its economic indicators and successful hosting of major international events like the FIFA World Cup 2022, positions it as a global mediator in various fields, including sports, economy, and investment.
Regarding inflation management, Dr. Al Shaibei explained that Qatar’s strong economy and available resources enable it to withstand the effects of inflation, which is primarily imported due to global geopolitical and economic factors.
He commended the wise measures taken by the Central Bank to control inflation, including the use of interest rates. The International Monetary Fund (IMF) predicts a gradual decline in inflation in Qatar by the end of 2023.