managing your boss
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bank notes
QFCA signs MoU with rbi
T
he QFC Regulatory Authority and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) last month to promote greater co-operation and sharing of supervisory information between the two regulators. The MoU was signed at RBI’s Central Office Building in Mumbai by P. Vijaya Bhaskar, RBI Executive Director, and Michael Ryan, QFC Regulatory Authority
Deputy CEO. “We are very pleased to enter into this agreement with the RBI,” said Ryan. “It establishes an important framework for greater economic activity between Qatar and India, and it provides us, as regulators, with the level of information and cooperation that we need to ensure the safety and soundness of our institutions and to facilitate greater economic ties between our countries.”
IBQ shuts its Islamic window
I
BQ have sold their Al Yusr Islamic banking retail operations to Barwa Bank. This move brings IBQ in compliance with the Qatar Central Bank (QCB) issued instructions on January 31, 2011 for all commercial banks in the country to cease their Islamic operations by the end of this year. An agreement was signed by George Nasra, MD of IBQ and Steve Troop, CEO of Barwa Bank, and the transaction has received the approval of the QCB and the Shariah Boards of both banks. Under the terms of the agreement, the sale includes the Al Yusr retail loans and deposit account portfolios, the two Al Yusr
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branches located at Al Sadd and Al Rayyan including ATMs and the transfer of Al Yusr employees to Barwa Bank. However, the private and corporate banking portfolios are not part of this deal. “While the ruling from the QCB necessitated the sale, we feel Barwa Bank will be able to offer our retail customers the best Islamic banking services in the market,” said Nasra. “Under the terms of the agreement, Barwa Bank will take on existing Al Yusr employees, which we value a great deal and which can continue to provide an excellent service to Al Yusr customers making the transition as seamless as possible to our valued customers.”
SCB appointS new special adviser
Sheikha Hanadi Nasser Bin Khaled Al-Thani special advisor to SCB & MEMBER OF gac
S
tandard Chartered Bank recently announced that Sheikha Hanadi Nasser Bin Khaled Al-Thani has been appointed as a Special Adviser to the Bank and will become a member of the Bank’s Gulf Advisory Council (GAC). In her role on the GAC, Sheikha Hanadi will support V Shankar – CEO of Europe, Middle East, Africa & Americas – and Christos Papadopoulos, Regional CEO, Middle East, North Africa & Pakistan. The GAC is a strategic advisory forum on the business, economic and political environment in the Middle East, providing insights that help the bank build lasting relationships with communities and businesses. “We are delighted that Sheikha Hanadi has agreed to join the Bank as Special Adviser,” said V Shankar. “Sheikha Hanadi is well known for her significant contribution in developing Qatar’s economic and social presence in the Arab world. Her experience and visionary leadership will help deepen our commitment to building a sustainable business as a bank in the region.”