Qatar Islamic finance assets hit $188bn
The report, which monitors the business results of Islamic finance institutions for 2024, showed that Islamic banks accounted for 87.4 per cent of these assets, while Islamic sukuk accounted for 11.2 per cent, Takaful insurance companies accounted for 0.7 per cent, and the remaining shares were distributed among investment funds and other Islamic financial institutions.
It also noted that Islamic banks' assets grew by 3.9 per cent in 2024, reaching QR585.5bn ($160.8bn).
Islamic finance in Qatar
Deposits also rose by 8.2 per cent to QR 339.1bn ($93.2bn), with private sector deposits accounting for 57 per cent.
Financing reached QR401.5bn ($110.3bn), a 4.9 per cent increase, primarily directed towards the real estate and government sectors, followed by personal financing.
Revenues grew by 12.6 per cent to QR29.5bn ($8.1bn), and profits reached QR8.7bn ($2.4bn), a 6 per cent growth rate.
As for Takaful insurance sector, the report stated that Takaful insurance companies' assets grew by 7.1 per cent year-on-year, reaching QR5.1bn ($1.5bn) in 2024.
Policyholder assets also grew by 6.3 per cent, reaching QR2.6bn ($714m), while insurance subscriptions increased by 18.6 per cent, exceeding QR1.9bn ($522m).
Takaful insurance companies' operating results varied between achieving insurance surpluses and recording insurance deficits.
Regarding Islamic finance companies, the report stated that their assets reached QR2.53bn ($695m), a marginal increase of 0.8 per cent year-on-year in 2024.
Financing provided by these companies increased by 5.7 per cent to QR1.9bn ($522m), and their revenues reached QR277.2m ($76m), a 14.7 per cent increase.
Revenues from financing and investment activities represented 84 per cent of the total revenues.
The operating results of Islamic finance companies varied between achieving profits totalling more than QR178.5m ($49m) and incurring losses of approximately QR12m ($3.3m).
Regarding Islamic investment companies, the report indicated that the assets of the two Islamic investment companies grew by 5.2 per cent, reaching QR549.5m ($151m), while their revenues reached QR59.7m ($16.4m), a growth of 44.1 per cent.
Their operating results varied between achieving profits and incurring losses, with profits amounting to QR17.5m ($4.8m).
In the field of Islamic Sukuk, Islamic Sukuk issuances increased by 161 per cent. Islamic banks issued Sukuk worth QR9.5bn ($2.6bn) in 2024, a 300 per cent increase.
Qatar Central Bank issued Sukuk worth QR16.9bn ($4.6bn) in 2024, a 118.5 per cent increase compared to 2023.
Regarding Islamic investment funds, the report noted that assets of these funds amounted to QR944.6m ($259.5m), a 1 per cent increase, and their performance varied during 2024.
On the Qatar Stock Exchange, the Al Rayan Islamic Index closed up 2.23 per cent, while the performance of listed Islamic finance companies varied between increases of 2.3 per cent and decreases of 19.6 per cent.
According to the report, the Islamic financial sector in the State of Qatar is divided into four main sectors:
Islamic banks
Takaful insurance companies
Islamic finance companies
Islamic investment companies
In addition, there are Islamic finance products such as Sukuk, investment funds, and Islamic indices.
Dr. Khalid bin Ibrahim Al Sulaiti, Vice Chairman of Bait Al Mashura Financial Consulting, said: 'The Islamic Finance in Qatar Report monitors the performance of Islamic finance institutions in the country, including Islamic banks, Takaful insurance companies, and Islamic finance and investment companies.
'It also reviews the performance of Islamic financial products, such as investment funds and Islamic sukuk, tracks the movement of the Islamic financial market, and provides an analysis of the overall performance of the Qatari economy.'
He added that Qatar is consolidating its position as a major centre for the Islamic finance industry globally, and growth prospects appear promising.
Meanwhile, the sector itself witnessed significant transformations and qualitative developments in performance, expansion, and supporting technologies over the past year.
This reinforces the need to keep pace with these changes through data analysis and trend monitoring, in order to provide a more comprehensive and accurate vision of the present and future prospects, striving to achieve a balance between Sharia dimensions, development goals, and economic and social sustainability.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
an hour ago
- Arabian Business
UAE tops 2025 global digital rankings with world's fastest mobile internet and AI leadership
The UAE has reinforced its position as a global leader in digital transformation, achieving top rankings in multiple international indices and setting new benchmarks for technology-driven growth. According to the United Nations E-Government Survey 2024, the UAE ranked first globally in the Telecommunications Infrastructure Index with a perfect score of 100 percent, reflecting the extensive reach and efficiency of its digital networks. In mobile internet performance, the UAE maintained its number one global ranking in the Speedtest Global Index from July 2024 to June 2025, with an average download speed of 546.14 Mbps in June — far ahead of its closest competitors. UAE digital services In 2024, UAE government entities completed 173.7m digital transactions, serving more than 57m beneficiaries across 1,419 digital services, achieving a 91 per cent satisfaction rate. The UAE's smart city credentials also climbed to global prominence in the IMD Smart City Index 2025, with Dubai ranked fourth worldwide and Abu Dhabi fifth, reflecting significant advances in infrastructure, digital services, and quality of life. The country topped the Middle East in the Government AI Readiness Index 2024, issued by Oxford Insights, measuring government efficiency, technology sector growth, and infrastructure readiness. According to the Interregional Centre for Strategic Analysis in Abu Dhabi, the UAE is on track to lead the region in AI adoption, powered by targeted investments in research, skills, and innovation. Industry experts say the UAE has moved beyond simply adopting technology to creating human-centred digital experiences. Rasha Abdo of Infobip praised the Dubai Government's 360 Services policy, which integrates proactive, people-first service delivery. Amjad Al Sabbagh of Sprinklr added that the United Arab Emirates' approach aligns with its goal to double the digital economy's GDP contribution by 2030, with AI projected to add 13.6 per cent to GDP (around $100bn) — a key driver of economic diversification and sustainable growth. With unmatched infrastructure, world-leading internet speeds, and a people-first innovation strategy, the United Arab Emirates is positioning itself not just as a regional technology hub, but as a global model for digital excellence and AI readiness.
The National
an hour ago
- The National
Acwa Power leads consortium to develop $4bn Kuwait power and water project
Saudi Arabia's utility developer Acwa Power and its partner Gulf Investment Corporation have signed an agreement with Kuwait to develop two phases of Az-Zour North water and power plant with total investment of $4 billion. The agreement, signed on Sunday with the Kuwait Authority for Partnership Projects (KAPP), is intended to help the country address severe electricity shortages. The phases two and three of the Az-Zour North project will have a net power generating capacity of at least 2.7 gigawatts and a desalination capacity of 120 million gallons of water daily, Acwa Power and GIC said in a statement on Sunday. Under a 25-year agreement, the Acwa Power-led consortium will design, finance, build, operate, maintain and transfer the plant and its associated facilities. 'This investment highlights our commitment to Kuwait's growth vision,' Raad Al-Saady, managing director and vice chairman of Acwa Power, said. Electricity shortages The deal is in line with Kuwait's push to boost its electricity generating capacity and further build its water infrastructure. Kuwait, in the recent past, had to implement temporary power cuts in select industrial and agricultural areas as demand surged beyond the available capacity. This is not the first time Kuwait has grappled with electricity supply issues. Last summer, it resorted to rare scheduled power cuts as temperatures soared. Experts have long warned of an impending electricity crisis in Kuwait, citing indecision over the construction of power stations to meet rising demand. Additionally, much of the country's power infrastructure is outdated and requires frequent maintenance. Another key challenge in addressing the crisis is Kuwait's subsidy-driven energy model. The government provides heavily subsidised electricity to residents, leading to high consumption as customers have little financial incentive to reduce their consumption. Kuwait has set a target of generating 15 per cent of its electricity from renewable sources by 2030. Capital structure The Acwa Power-led consortium and KAPP will establish a project company, where the consortium will hold 40 per cent and KAPP will retain 60 per cent of the company's share capital, according to the statement. KAPP will then allocate 50 per cent of the company's capital for public subscription by Kuwaiti citizens after the project becomes fully operational by 2029 and is listed on the Kuwait Stock Exchange, the statement said. Kuwait-based GIC is equally owned by the six member states in the Gulf Co-operation Council. It has developed and owns 10 infrastructure projects in the region and has vast experience in the power and water and utilities sector in the Gulf. 'GIC is committed to ensuring the provision of sustainable electricity and water resources at competitive economic costs to support Kuwait's social and economic prosperity,' Ibrahim Al-Qadhi, chief executive of GIC, said. Acwa Power, backed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund, is one of the largest renewable energy developers in the Middle East. It currently has operations in 15 countries across the Middle East, Africa, and Central and South-east Asia. It is an investor in and operator of 109 power generating and water desalination projects in operation, construction and advanced development with an overall portfolio size of about $117 billion.
Arabian Business
2 hours ago
- Arabian Business
Saudi Arabia's industrial production jumps 7.9 per cent in June 2025, driven by manufacturing and oil growth
Saudi Arabia's Industrial Production Index (IPI) rose 7.9 per cent in June 2025 compared to the same month last year, according to the latest bulletin from the General Authority for Statistics (GASTAT). The increase was driven by broad-based growth across key sectors: Mining and quarrying: +6 per cent year-on-year Manufacturing: +11.1 per cent Electricity, gas, steam, and air conditioning supply: +5.6 per cent Water supply, sewerage, waste management, and remediation: +6.9 per cent Based on main economic activities, oil activities rose by 7.7 per cent, while non-oil activities saw a stronger gain of 8.6 per cent — reflecting the Kingdom's continued progress in diversifying its industrial base while maintaining robust energy sector output. Saudi economic indicator The Industrial Production Index is released monthly and tracks relative changes in the volume of production across the Kingdom's key industrial activities. Data is collected through the Industrial Production Survey, which samples establishments involved in: Mining and quarrying Manufacturing Electricity, gas, steam, and air conditioning supply Water supply, sewerage, waste management, and remediation services The latest figures highlight Saudi Arabia's ongoing industrial expansion in line with its Vision 2030 strategy, which aims to boost manufacturing capacity, strengthen non-oil industries, and enhance overall economic resilience.
