Qatar Central Bank (QCB) is unrolling a series of initiatives focused on improving the infrastructure of the country’s financial services sector, said Sheikh Abdullah bin Saoud al-Thani, governor of QCB, at the MEED Qatar Projects 2014 conference in Doha on 18 March.

Most recently, the central bank launched an entity tasked with monitoring operations at various local financial institutions, to ensure their working practices are of a high standard. It is also looking to add capacity to help oversee the insurance and reinsurance sectors.

“We are committed to ensuring financial stability and overcoming risks by providing different kinds of services and solutions, and through coordination between institutions in Qatar and exchange of information,” said Sheikh Abdullah. “[QCB] is taking measures related to monetary policy to ensure financial stability and sustainable growth.”

He added that Qatar’s financial sector is profiting from the state’s economic growth, which in turn is allowing banks to provide financing for small-to-medium enterprises (SMEs).

In 2013, Qatar’s total banking assets grew 11.4 per cent to QR910bn ($250bn). Deposits went up 19.7 per cent to QR548bn, while credit grew 9.1 per cent, according to Sheikh Abdullah.