Qatar: Central Bank Issues Loan-based Crowdfunding Regulations

Qatar Tribune, 10 October 2023: Qatar’s Central Bank has announced it has issued loan-based crowdfunding regulations.

They cover the licensing and regulation of these activities and services in the country.

Among other requirements, entities wanting to provide loan-based crowdfunding activities must apply for the relevant licence from the Central Bank.

The regulations have been issued in line with the national financial sector and Fintech strategies and the Central Bank’s efforts to regulate and develop the country’s financial sector.

Also reported in Lusail on 9 October 2023. For the full story, click here.

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Qatar: Stock Exchange Amends Eligible Securities List

Gulf Times, 2 October 2023: Qatar’s Stock Exchange has announced it has amended the eligible securities list. The list states who can carry out market making, liquidity provision, margin trading, and covered short‐selling activities.

The Exchange has added more companies to the list. The new list will come into force on 2 October.

The constituents of the 20-stock Qatar Index and Al Rayan Islamic Index will be eligible for margin trading and covered short-selling.

Stocks of companies with an annual turnover rate equal to or greater than 10%, and a quarterly turnover rate in their trades exceeding 80% of trading days in each quarter, are also now eligible.

In addition, tradable units of the exchange-traded funds QE Index ETF and the Al Rayan Qatar ETF are eligible for margin trading and cover short-selling. Companies with at least one liquidity provider or market maker are eligible as well.

The securities are eligible for margin trading and covered short-selling are Ooredoo, Qamco, Qatar Insurance, QATR, QETF, Qatar Electricity and Water, Qatar Islamic Bank, Woqod, Qatari German Medical Supplies, Nakilat, Qatar Islamic Insurance, QIIB, Qatari Investors Group, Qatar Industrial Manufacturing Company, QLM, QNB, Qatar National Cement, Milaha, Qatar Oman Investment, Salam International Investment, United Development Company, Vodafone Qatar, Widam Food and Zad Holding.

Aamal Company, Al Khaleej Takaful, Baladna, Barwa, Commercial Bank, Dlala, Doha Bank, Dukhan Bank, Ezdan, Al Faleh Educational Holding, Gulf International Services, Gulf Warehousing, Estithmar Holding, Inma Holding, Industries Qatar, Masraf Al Rayan, Mannai Corporation, Medicare Group, Al Meera, Meeza, Mahhar Holding, Mekdam Holding, Mesaieed Petrochemical Holding, Mazaya Qatar and Alijarah Holding are also eligible.

In addition, all companies listed on the main market and the venture market, and all exchange-traded funds listed on the Exchange are eligible for market maker and liquidity provider activities.

Finally, all securities qualified for covered short-selling are eligible for lending and borrowing activities, and brokers of any stocks excluded from the qualified list will have three months to close open positions of the relevant activities.

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Qatar: Artificial Intelligence to be Used in Justice and Legal Systems

Qatar Tribune, 14 September 2023: Qatar’s Justice Minister has announced Artificial Intelligence is going to be used in the country’s justice and legal systems. The Minister was addressing the Law and Artificial Intelligence Conference at Lusail University earlier this week.

The Minister is seeking recommendations to help draft an Artificial Intelligence Law.

Also reported in Raya on 13 September 2023. For the full story, click here.

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Qatar: Cabinet Approves Control of Precious Metals Draft Law

Gulf Times, 6 September 2023: Qatar’s Cabinet has approved a draft law regarding control of precious metals and valuable stones. It has been proposed and approved to keep up with developments in control over precious metals and valuable stones.

If approved, it will replace Qatar Law No. 4/1978.

The Cabinet also approved a draft law amending Qatar Law No. 1/2012 on the regulation and control of advertisement placement. They have referred it to the Shoura Council to consider.

Finally, they reviewed the results of a study on proposed amendments to the country’s Labour Law.

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Qatar: Terms for Power and Water Connection Approved

Gulf Times, 30 August 2023: Qatar’s Cabinet has approved a draft Ministerial Decision specifying the works to be implemented in line with Qatar Law No. 4/2018 on organising the electricity and water service connection and the required conditions and controls.

They also approved a draft Decision from the Chairman of the Qatar General Electricity and Water Corporation or Kahramaa specifying the conditions and procedures for connecting electricity and water to buildings and facilities whose maximum demand exceeds five megawatts of electricity and 600 cubic metres per day of water.

In addition, they approved a draft law amending Qatar Law No. 9/1987 on the control and regulation of narcotic drugs and dangerous psychotropic substances. They have referred it to the Shoura Council to consider.

Finally, they approved a draft Cabinet Decision amending Qatar Decision No. 36/2014 establishing the National Committee for the Customs Clearance System and Cross-Border Trade Facilitation.

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Qatar: Heirs Determination Service Launched by Courts

Al-Sharq, 27 August 2023: Qatar’s Supreme Judicial Council has announced it has launched a new service to determine heirs and distribute estate consensually through the Mahakem portal.

The Council has said that the new service has been launched as part of the implementation of Qatar Law No. 4/2023 concerning the distribution of inheritance to facilitate the processes for settling inheritance matters.

Applications must be submitted within the legal term stipulated by the law which is 30 days from the date of death.

The law sets out the rules for distributing the inheritance. These include that the debts of the deceased must be paid off under the supervision of the judge before the distribution of inheritance.

Read the full story here.

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Qatar: General Retirement and Social Insurance Authority Decision Issued

Gulf Times, 16 August 2023: Qatar’s Emir has issued a Decision organising the General Retirement and Social Insurance Authority.

Qatar Emiri Decision No. 61/2023 will be published in the Official Gazette and come into force on its issued date.

The Emir has also issued Qatar Emiri Decision No. 62/2023 appointing Ahmed Ali al-Hammadi as the Director General of the Authority. The Decision will be published in the Official Gazette and come into force on its issued date.

Also reported in Lusail on 16 August 2023. Read the full story here.

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