Qatar’s Islamic finance assets reach QR528bn in 2020

Doha: Qatar Central Bank (QCB) Governor, H E Sheikh Abdulla bin Saoud Al Thani, said the Islamic finance in Qatar is witnessing a continuous development helped by supportive policies and regulations. According to Islamic Finance Report for 2020, released by Bait Al Mashura Finance Consultation, the total volume of local Islamic finance assets amounted to QR528bn in 2020.  

“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 the QCB Governor in his introductory speech to the report.  “Islamic finance assets in Qatar amounted to QR528bn ($144bn), 86 percent out of which are Islamic bank assets. Upon successfully completing Dukhan Bank merger, Masraf Al Rayan has 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 $47bn,” he explained.