Qatar's Islamic finance assets amount to QR528bn in 2020: QCB Governor

QCB Governor HE Sheikh Abdulla bin Saoud al-Thani and Prof Dr Khaled bin Ibrahim al-Sulaiti

Islamic finance assets in Qatar amounted to QR528bn in 2020, 86% out of which were Islamic bank assets, noted QCB Governor HE Sheikh Abdulla bin Saoud al-Thani. “Islamic finance in Qatar is witnessing a continuous development through policies and regulations that are being updated to ensure its continued competitiveness at both regional and international levels”, said Sheikh Abdullah said in his introductory remarks in Bait Al-Mashura Finance Consultation’s report on Islamic finance in Qatar 2020. “Upon successfully completing Dukhan Bank merger, Masraf Al Rayan recently sought another merger with Khaleeji Commercial Bank to boost the strength of Qatari Islamic banks worldwide. Such a new banking entity is expected to be the fifth largest Islamic bank in the world with assets amounting to $47bnn US dollars.” Sheikh Abdulla said, “In 2020, the global economy as well as the financial and banking sector have gone through an unprecedented crisis due to Covid-19 implications and repercussions. These events posed a new challenge to the financial and banking system in Qatar.