April 30, 2019
Bait Al-Mashura Celebrates the 10th Anniversary of its Establishment in the Presence of Deputy Governor of ” Qatar Central Bank
Doha, March 2019 – For Immediate Deployment
- Khalid Al Sulaiti: We aim to develop and create products that keep pace with the growth of the Islamic financial industry.
- Osama Qais Al Duraie: Islamic financial institutions in Qatar adopt a precautionary strategy to ward off any potential risks.
- Improvement of the operational environment in the Qatari market following the blockade as the risks of lower oil prices fell.
- Exposure of Islamic financial institutions to foreign markets is limited due to its focus on expanding the local market.
In the presence of the Deputy Governor of the Qatar Central Bank HE Sheikh Mohammed bin Hamad Al-Thani and a group of senior financial figures in Qatar, Bait Al-Mashura Finance Consultations celebrated its 10th anniversary, since its launch in 2007 as the first licensed company in Qatar to offer legal consultation and auditing training and development to banks, insurance companies, finance, investment, brokerage, investment funds and real estate, seeking to spread the culture of Islamic financial industry inside and outside the state of Qatar.
Dr. Khalid Al Sulaiti, Deputy Chairman of Bait Al-Mashura Finance Consultations welcomed the dignitaries and thanked all those contributed to the establishment and support of the company, stressing the complementary role played by Bait Al-Mashura Finance Consultations with its partners to success. He pointed out that the company, through its journey and with continuous efforts, has been able to attracted a large number of clients inside and outside the State of Qatar and to attract major institutions to its services and activities. The company has specialized expertise and experience with accuracy and speed of achievement. Bait Al-Mashura aims to develop and create Islamic financial products that keep pace with the growth of the financial industry, strengthen its competitive position.
Dr. Osama Al Duraie, Chief Executive Officer and Managing Director of Bait Al-Mashura Finance Consultations, expressed his gratitude and thanks to the attendees. He stressed the importance of the role played by the company in the Islamic financial arena, as it realized the importance of the human element in development and enhancement. Therefore, it launched the first project “Business Incubation”, which included a group of Qatari students at the Faculty of Sharia and Islamic Studies at the University of Qatar, in an intensive professional scientific program to raise their scientific competence in the field of legal and professional auditing and auditing in the field of Islamic financial industry.
He pointed out that Bait Al-Mashura aims to rehabilitate and develop qualified cadres to work in Islamic financial institutions and has succeeded to a large extent. Qatar now has a new generation of qualified Islamic finance cadres, which is conducive to the growth of Islamic institutions in Qatar, which is witnessing rapid growth.
He also pointed out that the company has dedicated its culture and awareness to the Islamic financial industry through the media, in addition to seminars and educational competitions in educational institutions and society, noting that in 2010 Bait Al-Mashura has launched its large project “1st
Doha Islamic Finance Conference”, which has witnessed great successes at the local and international levels to reach its fifth edition due to the generous patronage of His Excellency the Prime Minister and the sponsorship of the major supervisory, financial and investment institutions, which believes in its importance and impact, in addition to its contemporary themes and the selection of the most important scientists, experts and specialists to discuss such themes and conclude with results that support and promote the financial industry.
Dr. Al Duraie added that Bait Al-Mashura has achieved an important achievement in terms of specialized scientific research. In 2014, Bait Al-Mashura has launched “Bait Al-Mashura Journal” – a specialized scientific journal in the field of Islamic economics and finance that is issuing every six (6) months and publishing in both Arabic and English languages – that has received great interest in the supervisory, scientific, academic and professional entities, and a very high demand among researchers and specialists, as it reached its 5th
year, its 10th
edition and joined the most important and famous global databases.
He added that the Bait Al-Mashura has been keen for several years to participate in the Doha International Book Fair, to contribute through its printings and scientific publications in the education and culture of society in the field of economy and finance, and has provided a series of publications for researchers and specialists and those interested, pointing out that the Bait Al-Mashura is well aware that the world is relying on the information and statistics in its studies and economic and investment decisions. Therefore, Bait Al-Mashura has launched its annual “Qatar Islamic Finance Report” alongside its other projects. In return for the great successes and outstanding contributions made by Bait Al-Mashura, it has received several local and international awards, including the European Award as the best Islamic financial consultations firm.
With regard to the developments in the Islamic financial industry, Dr. Osama Al Duraie said that Islamic financial institutions in Qatar are adopting a precautionary strategy to prevent any potential risks while targeting the increase in quality and nature of assets, stressing that Islamic financial institutions are currently “relaxed” due to the improved operating environment in the Qatari market following the siege imposed on the state since the June 05, 2017, as the risk of falling oil prices has diminished, which was a major concern over the past years following the rise in oil prices to levels currently ranging between $ 70 per barrel, as well as the limited exposure of Islamic finance institutions to foreign markets due to their focus on expansion in the domestic market, which reduced its risks as well as the continued momentum of the government’s large capital spending on major developmental projects and the projects of the FIFA World Cup 2022, which provides great investment opportunities for Islamic financial institutions within the State of Qatar.
He stressed that the continued momentum of the government’s large capital spending on major developmental projects and the projects of the World Cup 2022 contribute to enhancing the business climate and investment of Islamic financial institutions, while the improvement of the sovereign credit ratings of Qatar also reflected positively on the Islamic finance sector.