Qatar- QFC Regulatory Authority announces QR 728,000 financial penalty on Takaful International Company

(MENAFN- Gulf Times) The QFC Regulatory Authority (the Regulatory Authority) on Saturday announced that it had imposed a financial penalty of QR 728,000 on Takaful International Company B.S.C (Takaful).

Takaful was authorized as an insurer in the Qatar Financial Centre. The imposition of the financial penalty follows the conclusion of an investigation into the affairs of Takaful by the Regulatory Authority.

The Regulatory Authority's investigation found that Takaful contravened the Regulatory Authoritys rules by providing the Regulatory Authority with information that was false and misleading, failing to treat its customers fairly and failing to deal with the Regulatory Authority in an open and cooperative manner.

The QFC Regulatory Authority is an independent regulatory body established in 2005 by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modelled closely on that used in major financial centers.

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