QFC unveils strategy focused on attracting captives

22/02/2010

The Qatar Financial Centre (QFC) Authority’s Board of Directors has announced that it will be focusing on developing a captive insurance hub as part of its new business strategy.

As a result of a period of internal evaluation, the QFCA has realigned its internal business development strategy with view to procure the three lines of business it regards as the most essential – one of which is captive insurance.

“We intend to develop the QFC as an asset management hub, a reinsurance hub and a hub for captive insurance,” said Shashank Srivastava, acting CEO and chief strategic development officer at the QFC. “We see huge opportunity within these industries and aim to be the regional leader.”

Srivastava was unwilling to reveal the details of its captive management agenda at this stage. “It is currently in execution, so we do not want to impair our competitiveness,” he said.

The QFC’s organisational structure will now be hinged on four core functions: strategic development, legal environment, finance and tax and QFC administration.

According to Srivastava, the decision came after QFC management decided that the initial objectives laid out for the centre has been achieved ahead of schedule.

“By 2008, we had put the laws and regulations in place and we had reached critical mass,” said Srivastava. “Next the board started to think about the next stage in the QFC’s evolution.”

What followed was the evaluation of other existing financial jurisdictions, its own organisational systems and the formulation of implementation plans.

“We looked at different models across the world and we decided that we wanted to focus on three particular lines of business,” said Srivastava. “However that does not mean that we will exclude any other financial services. None of these focus areas are mutual exclusive or exist by themselves.”