Qatar Financial Centre (QFC) and Rwanda Finance Limited (RFL) have signed a Memorandum of Understanding (MoU) that will facilitate initiatives that support the international development of both QFC and Kigali International Financial Centre.
Under the MoU, Yousuf Mohamed Al Jaida, Chief Executive Officer (CEO) of QFC, and Nick Barigye, CEO of RFL, agreed to encourage their respective regulatory authorities to enter into mutual recognition agreements, in order to open opportunities in both markets.
A training programme, a knowledge transfer approach, and encouraging continuous improvement will also be provided through this partnership. It will also facilitate the creation of a community among the fintech ecosystems of Rwanda and Qatar, and share best practices to develop Islamic finance.
Speaking of the deal, Al Jaida, said it “marks the long-term cooperation between Qatar Financial Centre and Rwanda Finance Limited to support businesses in Rwanda and Qatar through joint initiatives that open doors for skills development, knowledge exchange and investment and partnership opportunities. The agreement also takes QFC a step further in its efforts to forge durable partnerships with international markets that help support Qatar’s economic diversification and capacity building drive.”
Barigye added that the “partnership between our financial centres builds on the excellent existing relations between Rwanda and Qatar. Rwanda Finance Limited and the Qatar Financial Centre Authority will collaborate on international promotion, mutual recognition, and the creation of a strong fintech community for the benefit of both our jurisdictions, further enhancing the Kigali International Financial Centre’s attractiveness as a destination for investors and financial actors who want to effectively manage their wealth and structure their investments across Africa.”
As a means of supporting the development of these two markets, QFC and RFL intend to collaborate on joint initiatives, such as roundtables, conferences, seminars, etc., that will engage both Rwandan and Qatari business communities, strengthening the bilateral economic ties between the two nations.
QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100 per cent foreign ownership, 100 per cent repatriation of profits, 10 per cent corporate tax on locally sourced profits, and an extensive double taxation treaty network with over 80 countries, a legal environment based on English common law and the right to trade in any currency.