The measures, intended to enhance economic growth and develop Qatar's financial sector, include the introduction of a mechanism to insure customer deposits in Qatari banks.
Business and investor communities welcomed this measure, saying it is a positive step that will raise the level of confidence among investors and customers in the country's banking system.
"QCB is the party concerned with ensuring the stability of the banking system, and thus the implementation of a mechanism to insure deposits will protect the rights of customers from any financial shocks that may arise," said Qatari businessman Ahmed Hussein al-Khalaf.
The measure adds value to the economy because it forces Qatari banks to respect the laws in force on this issue and to submit to oversight and accountability, al-Khalaf told Al-Shorfa.
The mechanism is similar to others throughout the world, he added.
"When the Central Bank issues laws that protect the rights of depositors, it is in fact protecting Qatar's economy from ruin," al-Khalaf said.
Protecting the sector from piracy
Nowadays, banking transactions are more vulnerable to threats after becoming reliant on modern digital technology, and customer accounts are susceptible to potential breaches by "hackers" or pirates, said Qatar Chamber of Commerce and Industry board member Mohammed Noor al-Obaidly.
"Many client accounts and deposits have been exposed to theft by hackers, who stole funds from those deposits and transferred them to remote countries that do not have well-developed banking systems," al-Obaidly told Al-Shorfa.
This has caused losses to both customers and banks, he said, noting that Gulf banks have assets in the trillion dollar range which makes them vulnerable to targeting and attack.
"The QCB mechanism has come at the right time to protect depositors from these threats that are increasing by the day," he said.
The new mechanism will raise the level of confidence in Qatari banks, said Al-Bayraq Centre for Financial and Economic Studies director Bashir al-Kahlout.
"The new mechanism will help attract new customers from the Gulf states and other countries of the world, especially after the Central Bank has reassured bank customers about how their deposits are protected from any risk," al-Kahlout told Al-Shorfa.
Enhancing financial stability
Abdul Aziz al-Emadi, former chairman of the Qatar Chamber of Commerce and Industry, also welcomed the new mechanism, saying it is a helpful step that will enhance financial stability.
QCB's decisions over the last 20 years have helped boost confidence in the banking system and attract more investors to the Qatari market, al-Emadi told Al-Shorfa.
"The lessons learned from the 2008 financial crisis have led the concerned authorities to implement internationally adopted standards inspired by International Monetary Fund decisions," he said. "Hence, this mechanism has come at the right time to protect customers' deposits and advance the banking and financial system in Qatar."
Al Shorfa
30 July