QFC warns: ‘Alraya’ not part of QFC

 30 Oct 2017 - 0:38

The Peninsula

QFC Regulatory Authority yesterday warned investors and consumers about a purported investment fund claiming to operate in Qatar.
The Regulatory Authority strongly advised people to avoid any dealings with a purported Financial Services Company located in Qatar called “Alraya”, and any person connected with the company. On its website, Alraya makes two false claims: that it is authorised by the QFC Regulatory Authority and that it was licensed by the Qatar Financial Centre Authority in 2007. Alraya is not part of the QFC and is not regulated by the QFC Regulatory Authority. This means customers of Alraya are not protected by QFC customer protection legislation.
“This company has made false claims about being authorised and licensed to conduct financial services in the Qatar Financial Centre. These misrepresentations are a clear warning sign that the company should be avoided”, said the QFC Regulatory Authority CEO, Michael Ryan.