As the new regulations came into existence almost 10 banks have requested for a licence to operate in Qatar and they all are expected to get it approved by the end of the year. The pivotal licencing authority made in charge for providing licence is QCB and all banks have made their request to the banking regulator.
Some banks use the Qatar Financial Centre to make their way into the Qatar Banking sector and others made their way through other means. With the end of this year the banks will get an approval statement then afterwards they are requested to complete the paperwork’s within the first Quarter of next year.
As per the information from Al Sharq , the request are made from banks from Saudi Arabia, the UAE, Kuwait, Bahrain and Oman. Out of these the top ones are the Bank Muscat from Oman and First Gulf Bank from UAE. The move to allow the GCC banks to open their branches in quart will boost the economic sector by next year.
The aim of the Qatar Government is to establish a full-fledged common regional market and regional currency.
Al Sharq also stated that “After getting approval, the banks would be trying for other locations to open other branches and man power recruitment will in turn be benefited. After these banks are allowed to open their branches, all their market shares and financial status will be frequently studied.