MoU between Institute of Chartered Accountants of India and Qatar Financial Center Authority

 

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Qatar Financial Center Authority (QFCA).

The MoU will increase cooperation between institutions to work together with the objective of strengthening the accounting profession and entrepreneurial base in Qatar.

Effect :

ICAI has a strong membership base in the Middle East with over 6,000 members and is one of the most active unit of QAI (Doha) based unit. Members of ICAI hold several key positions in various private and public companies in Qatar and are actively involved in supporting and developing the accounting profession there. The signing of this MoU will provide additional incentives and recognition to ICAI members across the Middle East region, as well as support to Indian business aspirations in Qatar. Thus, it will support the development of economies of Qatar and India.

Advantage :

ICAI has an active unit in Doha (Qatar) which was established in the year 1981 and is one of the oldest units of ICAI's 36 overseas units. Since its inception, the membership of the unit has been steadily growing and currently has more than 300 members, holding key positions in various private and public companies in Qatar. Also working to support and expand the accounting profession in Qatar. The MoU will benefit the Ministry of Corporate Affairs, Institute of Chartered Accountants of India and Qatar Financial Center Authority.

Implementation Strategy and Goals :

एमओ This MoU is an effort to increase opportunities for ICAI members by setting up procedures aimed at providing professional services in Qatar in Assurance and Auditing, Consulting, Taxation, Financial Services and allied sectors.

➢ ICAI, along with QFCA, will also educate and prepare local professionals, entrepreneurs and students through a special training program in Qatar.

➢ ICAI and QFCA will work together to explore opportunities for Indian businessmen in Qatar by organizing roundtables, networking events, etc. on mutually agreed basis.

➢ ICAI and QFCA arise in areas such as corporate governance, technical research and consulting, quality assurance, forensic accounting, small and medium-sized processes (SMP) issues, Islamic finance, continuous professional development (CPD) and other topics of mutual interest. Will cooperate on those occasions.

Background :

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under The Chartered Accountants Act, 1949, an act passed by the Parliament of India and regulates the chartered accountancy business in India. The Qatar Financial Center Authority (QFCA), established in order of law number (7) of 2005, is an independent statutory body responsible for the development and promotion of QFC as a world-class financial and business center in Qatar.