Qatar completes AFAQ central-bank network as three commercial banks join
Qatar's central bank and three domestic lenders joined the AFAQ payments system on Monday, completing central-bank participation from all six Gulf Cooperation Council states.
The commercial lenders are Doha Bank, Qatar International Islamic Bank and Dukhan Bank. Their arrival takes the regional network to 74 participating banks, according to Gulf Payments Company, the system operator.
Transfers between Qatar's central bank and participating Gulf banks have begun. The remaining Qatari commercial banks are due to join in phases under an agreed program, but the operator gave no dates.
This is an operating change. Qatar is no longer the missing central-bank link in the regional payments network.
