The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and the Kigali International Financial Centre (KIFC) have recently announced renewing their agreement to jointly foster financial sector development in their respective regions.
The Qatar Financial Centre Authority (QFCA) is a leading onshore financial and business center in the region and Kigali International Financial Centre is a financial center that aims to transform Rwanda into a leading financial destination for investors seeking opportunities across the African continent.
Industry sources added that The QFC and Kigali International Financial Centre (KIFC) entered into a Memorandum of Understanding (MoU) in 2021, establishing a partnership outlining strategic objectives, that include the joint promotion of the QFC and the (KIFC) on a global stage, capacity building and skills development within both financial centers and the financial sector, and fostering fintech and Islamic finance in Rwanda and Qatar.
Aligned with these overarching objectives, both parties will launch cooperative initiatives aimed at enhancing institutional capacity and driving continuous improvement in the financial landscape. These initiatives encompass the organization of events designed to facilitate international networking and cultivate investment opportunities and the promotion of knowledge transfer activities such as staff secondment and training programs.
Commenting on the MoU extension, Yousuf Mohamed Al-Jaida, Chief Executive Officer, of QFC, stated, “We are delighted to continue our partnership with KIFC, a globally esteemed organization that shares our vision for advancing the financial sector.”
Mr. Jaida further added ” With this renewed commitment, we intend to strengthen our joint endeavors to facilitate cross-border interactions in order to unlock new opportunities for businesses and investors in Qatar and Rwanda. Renewing this MoU underscores our dedication to building robust, globally recognized financial hubs in our respective regions. We eagerly anticipate continuing this collaboration, stimulating growth, and fostering economic development.”
Nick Barigye, Chief Executive Officer, of Rwanda Finance Limited (RFL), stated, “This renewed partnership reaffirms our shared dedication to advancing the financial sector growth in both Rwanda and Qatar through long-term cooperation. We have always believed in the power of strategic partnerships with leading financial centers such as QFC, and this MoU renewal demonstrates our commitment to enhancing the competitiveness and attractiveness of our respective financial centers.”
Mr. Barigye further adds “This also speaks to our aspirations to facilitate mutual recognition of licensing for entities domiciled in our respective jurisdictions and promote Islamic financing, and Fintech development. We aim to further build on the excellent existing collaboration between both our countries which is reflected in the different economic, commercial, and technical areas of cooperation.”
Industry sources further confirmed that by joining forces, the QFC and KIFC stand poised to deliver substantial benefits to their stakeholders, businesses, and the broader economies they serve. A core facet of this partnership revolves around fostering a favorable environment for fintech development by creating opportunities for banks and other regulated financial institutions in both countries to engage in collaborative endeavors.
This strategic approach includes the establishment of a robust support system to fast-track the development of fintech ventures emerging from the QFC and KIFC and promoting the formation of a vibrant fintech community in Rwanda and Qatar.
