QFC com­mit­ted to Is­lamic fi­nance devel­op­ment: CEO

Gulf Times Business - - FRONT PAGE -

Chief ex­ec­u­tive of­fi­cer of Qatar Fi­nan­cial Cen­tre (QFC) Yousuf Mo­hamed al-Jaida af­firmed that the cen­tre recog­nises the im­por­tance of en­dow­ments and Is­lamic fi­nance in gen­eral and is com­mit­ted to sup­port­ing the devel­op­ment of these two sec­tors through the QFC plat­form.

He said in a speech at the open­ing ses­sion of the global con­fer­ence on Awqaf that the pres­ti­gious po­si­tion of Qatar qual­i­fies it to be­come a lead­ing coun­try in the field of Is­lamic fi­nance and the man­age­ment of Waqf in­sti­tu­tions, which cor­re­spond to the pil­lars of eco­nomic and so­cial devel­op­ment in the Qatar Na­tional Vi­sion 2030. He pointed out that the Awqaf in­sti­tu­tions have a his­toric part in the an­cient Is­lamic her­itage, in ad­di­tion to the pos­si­bil­i­ties and ca­pa­bil­i­ties made them en­vis­age a fu­ture of greater suc­cess and pros­per­ity, in­di­cat­ing that the need now is ur­gent for the ex­is­tence of ac­tive and ef­fec­tive Waqf in­sti­tu­tions.

He added that the eco­nomic Waqf in­sti­tu­tions play two es­sen­tial roles which are stim­u­lat­ing eco­nomic ac­tiv­ity and pro­mot­ing so­cial devel­op­ment, they also pro­vide a unique way of both sav­ings and in­vest­ments, point­ing out that Waqf is a tool that can be used to achieve great ben­e­fit for so­ci­ety as a whole, based on cut­ting off part of the con­sumer re­sources and turn­ing them into pro­duc­tive and de­vel­op­ing as­sets that would es­sen­tially in­crease the ac­cu­mu­la­tion of cap­i­tal in the econ­omy.

Al-Jaidah praised the role of prom­i­nent Waqf in­sti­tu­tions in fi­nan­cial in­clu­sion, as well as the pro­mo­tion of equal in­come among groups of so­ci­ety, both of which are se­ri­ous chal­lenges to the con­tem­po­rary in­ter­na­tional eco­nomic scene.

He said that the global con­fer­ence on Awqaf, which kicked off yes­ter­day, brings the greatest experts and bright­est minds in this field in an at­mos­phere of pos­i­tive and con­struc­tive dis­cus­sions about the fu­ture of Awqaf.

He ex­pressed his hope that the con­fer­ence will con­trib­ute to the re­al­i­sa­tion of the great need for Waqf in­sti­tu­tions, the dif­fer­ent op­por­tu­ni­ties avail­able to ac­ti­vate such in­sti­tu­tions and their vi­tal role in our con­tem­po­rary world.

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