Regulation on the Financial Markets Authority (Qatar, 2010)
Qatar, Regulation dated 5/1/2010 on Financial Markets Authority
USD $345.00
Qatar Laws Information
Qatar laws form a civil-law system in which Islamic Shari'a serves as a principal source of legislation. The body of codified law has been developed substantially since independence, drawing on Egyptian civil-law scholarship in the law of obligations and on Islamic jurisprudence in personal status. The Qatar Financial Centre operates as a separate civil-law jurisdiction within the State, with its own civil and commercial regulations and its own English-language courts.
Constitutional framework
The Permanent Constitution of the State of Qatar establishes the Amir as head of state, defines the Council of Ministers, the Shura Council, and the judiciary, and recognises Islam as the religion of the State and Islamic Shari'a as a principal source of legislation. Fundamental rights include equality before the law, personal liberty, freedom of opinion, freedom of belief, and protection of private property.
Sources of law
The Civil Code identifies the hierarchy of sources for civil matters: statute, then Islamic jurisprudence applicable to the specific question, then custom, then the rules of equity. Subordinate legislation — Council of Ministers decisions and ministerial decisions — supplies regulatory detail.
Court structure
The ordinary judiciary comprises courts of first instance, courts of appeal, and a Court of Cassation that sits in civil, commercial, criminal, and administrative chambers. The Constitutional Court reviews the constitutionality of legislation. The Qatar International Court and Dispute Resolution Centre, sitting within the Qatar Financial Centre, applies QFC-specific civil and commercial regulations.
Civil and commercial law
The Qatari Civil Code governs obligations, contracts, property, and tort. The Commercial Law addresses merchant status, commercial paper, agency, and bankruptcy. The Companies Law regulates corporate vehicles, supplemented by dedicated statutes on banking, capital markets, insurance, and competition. The Bankruptcy Law provides modern restructuring procedures.
Banking and finance
Banking activity is supervised by the Qatar Central Bank under the Central Bank Law. The framework accommodates conventional and Islamic banking, with separate licensing and Shari'a-governance requirements for Islamic finance institutions. The QFC Regulatory Authority supervises QFC-licensed firms within the Qatar Financial Centre.
Labour and employment
The Qatar Labour Law regulates the private-sector employment contract, working time, paid leave, end-of-service gratuity, occupational health and safety, and the resolution of labour disputes through specialised labour committees and courts. Specific provisions address foreign workers, the recruitment process, and the Wage Protection System.
Criminal law
The Penal Code defines offences across the conventional categories and incorporates specified Shari'a-derived provisions. The Code of Criminal Procedure governs investigation, prosecution, trial, and appeal. Specialised statutes address cybercrime, anti-money-laundering, and counter-terrorism.
Personal status
The Family Law governs marriage, divorce, custody, guardianship, and inheritance for Muslims, drawing principally on Hanbali jurisprudence. Non-Muslim personal status is governed by the law of the relevant religious community.
Qatar Financial Centre
The Qatar Financial Centre operates as a civil-law jurisdiction within the State of Qatar, with its own contract law, companies regulations, employment regulations, insolvency regulations, and English-language courts. QFC regulations apply within the geographical limits of the QFC; Qatari law continues to apply outside the QFC.
Cross-references
For comparative reading on neighbouring GCC jurisdictions, see UAE laws, Saudi Arabia laws, Bahrain laws, and Kuwait laws.
Frequently asked questions
What legal tradition does Qatar follow?
Qatar operates a civil-law system in which Islamic Shari'a serves as a principal source of legislation. The Qatar Financial Centre operates as a separate civil-law jurisdiction within the State, with its own English-language courts.
Do QFC laws apply outside the financial centre?
No. QFC regulations apply within the geographical limits of the QFC. Qatari law applies outside the QFC. Parties may, however, choose QFC law to govern their contracts under the standard rules of party autonomy.
Where is Qatari company law codified?
The Companies Law is the principal text. Banking, capital markets, and insurance are each addressed by dedicated sectoral statutes; partnerships and merchant status fall under the Commercial Law.
Which court hears commercial disputes in Qatar?
Commercial disputes are heard by the regular courts of first instance and appeal, with cassation review by the commercial chamber of the Court of Cassation. Disputes within the QFC are heard by the Qatar International Court.