The Qatar Financial Centre Authority (QFCA) and Kigali International Financial Centre (KIFC) have reaffirmed their commitment to collaborative efforts for the development of their respective financial sectors. The renewal of the Memorandum of Understanding (MoU), initially signed in 2021, solidifies the strategic partnership’s objectives, including global promotion of QFC and KIFC, capacity building, skills development, and the advancement of fintech and Islamic finance in Rwanda and Qatar.
Key Objectives of the Collaboration:
- Global Promotion: Joint efforts to showcase the QFC and KIFC on the global stage.
- Capacity Building: Collaborative initiatives for institutional capacity enhancement and skills development within the financial sector.
- Fintech and Islamic Finance: Promotion and fostering of fintech and Islamic finance in both jurisdictions.
Cooperative Initiatives:
- International Networking Events: Facilitation of events to promote international networking and cultivate investment opportunities.
- Knowledge Transfer Activities: Promotion of knowledge transfer through staff secondment and training programs.
- Fostering Fintech Development: Creating a supportive environment for fintech development, including collaboration between banks and financial institutions.
CEO Perspectives:
Yousuf Mohamed Al-Jaida, CEO, QFC: “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.”
Nick Barigye, CEO, Rwanda Finance Limited (RFL): “This renewed partnership reaffirms our shared dedication to advancing the financial sector growth in both Rwanda and Qatar through long-term cooperation.”
Mutual Recognition and Economic Development:
The collaboration aims to facilitate mutual recognition of licensing for entities in both jurisdictions, promote Islamic financing, and foster fintech development. The partners express their commitment to building globally recognized financial hubs and stimulating economic development.
In conclusion, the renewal of this collaboration underscores the commitment of both entities to mutual growth, fostering a thriving financial ecosystem, and leveraging shared expertise for the benefit of Qatar and Rwanda.