MANAGEMENT REPORT Assignment Example | Topics and Well Written Essays - 2500 words

MANAGEMENT REPORT - Assignment Example The revenue from the natural resource makes the country rich. That is why the country has seen a sustained economic growth in last few years even though the rest of the world was suffering from global financial crisis. For years Qatar was among the fastest growing economy, but from the crisis period in 2008 it is among the top three countries in terms of the growth of GDP. The positive economic scenario allows the banking sector of Qatar to grow. Qatar is the place where the eastern sides meet western people. Apart from the domestic business houses, the hydrocarbon economy has attracted many foreign investors to invest in Qatar, Kerbaj (2006). The contribution of Petroleum is 70% of the government revenue, 85% of the export earning and more than 60% of the Gross Domestic Product (GDP) of the country. According to Shachmurove (2009) a very interesting fact about Qatar is that, there is no income tax for Qatari and GCC nationals. However, it is not a tax free country. Taxes are being collected from business houses, corporate and foreign investor. That is why the banking system in Qatar is bit different from the rest of the world. The apex bank of the country is Central Bank of Qatar. Many commercial bank and foreign banks are operating in the territory of the country. The banking system of Qatar is secure, well financed and well regulated. Regular banking services like, retail banking, corporate banking, branch banking, online banking, mobile banking, credit and debit facilities are available from the bank. Hasim & Chaker (2009) argued that, like in other parts of the world Qatar is also bending towards using new technologies in the banking system such as online banking and telephonic banking as these instruments have made banking easier and accessible. Elsamadisy et al. (2013) argued that, the banking scenario has seen a big change during the pre and post global financial crisis. The monetary policies and other banking policies