The Union Cabinet, chaired by PM Modi on May 13, 2021, gave its approval to the signing of the Memorandum of Understanding between the Qatar Financial Centre Authority (QFCA) and the Institute of Chartered Accountants of India (ICAI).
The signed MoU will benefit the Qatar Financial Centre Authority and Ministry of Corporate Affairs, Institute of Chartered Accountants of India.
The Indian Institute of Chartered Accountants of India has a strong membership base of over 6000 members in Qatar (Doha) and the Middle East Chapter and it is among the most vibrant chapters of ICAI.
The members of ICAI also hold key positions at various public and private companies. They are also actively involved in the support and development of the accounting profession in Qatar.
The MoU signed between the two countries will enhance the cooperation between the institutes to work together for strengthening the accounting profession and entrepreneurship base in Qatar.
• The signing of the agreement will provide an additional push to the prospects of the ICAI members in the Middle East to have better recognition, along with working to support the Indian businesses that are desirous of doing business in Qatar and thus supporting the growth of India and Qatar’s economies.
• The agreement will further endeavour to increase the opportunities for the ICAI members to provide professional services by setting up practice for providing professional services in Qatar in the field of advisory, assurance and auditing, financial services, taxation, and allied areas.
• ICAI, under the MoU, will also nurture and develop the local Qatar professionals, students, and entrepreneurs through a specialized training program. It will be done in collaboration with QFCA.
ICAI and QFCA to work together for Indian businesses in Qatar:
Qatar Financial Centre Authority and the Institute of Chartered Accountants of India will be working together to explore the opportunities for Indian businesses in Qatar. It will be done by organizing networking events, roundtables, or through any other mode that they mutually agree upon.
Both will collaborate on the opportunities that may arise in the area of technical research and advice, corporate governance, quality assurance, issues for small and medium-sized practices, forensic accounting, Continuing Professional Development, Islamic Finance, or on any other subject of mutual interest.