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, has entered into a Memorandum of Understanding (MoU) with Dukhan Bank (DKB), one of the largest Shari’ah compliant banking institutions in the country, to pursue certain areas of collaboration that benefit both parties.

The MoU establishes a framework for positioning DKB as a strategic partner bank for new and existing QFC-licensed firms and their employees on a non-exclusive basis. This collaboration includes co-branding a temporary shared physical space within the QFC premises, allowing DKB to effectively serve QFC licensed firms and their staff, as well as promoting DKB offers specifically tailored for QFC firms.

Under the MoU, DKB will provide corporate banking accounts and create customised banking solutions for new QFC-licensed firms referred by QFCA once they have obtained their corporate registration credentials. Additionally, DKB will offer immediate banking services to all employees of these firms who are new to Qatar.

Commenting on the partnership, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: “This Memorandum of Understanding with Dukhan Bank represents a significant step towards enhancing the financial services available to QFC-licensed firms. By providing tailored banking solutions and a dedicated space for their needs, we are creating an environment that fosters growth and innovation within the QFC community. Together, we are fostering a more robust financial ecosystem in Qatar.”

Mr Ahmed I. Hashem, Acting Group CEO of Dukhan Bank, emphasised the significance of the MoU, stating: “We are proud to partner with Qatar Financial Centre to offer tailored banking services that meet the unique needs of QFC-licensed firms and their employees. This collaboration underscores our commitment to delivering innovative Shari’ah-compliant financial solutions that support the growth and success of businesses in Qatar. By combining our expertise with QFC's strong business platform, we aim to enhance the ease of doing business and contribute to building a dynamic and thriving financial ecosystem.”

This MoU exemplifies QFC’s dedication to enhancing the ease of doing business within the Qatar Financial Centre. By streamlining access to banking services and fostering collaboration with trusted financial institutions like DKB, it is not only supporting the growth of QFC-licensed firms but also contributing to building a thriving business environment that benefits all stakeholders.