Latest news with #BaitAlMashura
Arabian Business
5 days ago
- Business
- Arabian Business
Qatar Islamic finance assets hit $188bn
Islamic finance assets in Qatar grew by 4.1 per cent to reach QR683bn ($187.6bn) in 2024, according to a report by Bait Al Mashura Financial Consulting. 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.
Arab News
5 days ago
- Business
- Arab News
Qatar's Islamic finance sector grows to $187bn, report shows
RIYADH: Qatar's Islamic finance sector continued its upward trajectory in 2024, with total assets rising 4.1 percent year on year to 683 billion Qatari riyals ($187.5 billion), a new analysis showed. According to a report from Qatar-based Bait Al Mashura Finance Consultations, Islamic banks held the largest share, with 87.4 percent of total Islamic finance assets. This was followed by Shariah-compliant sukuk at 11.2 percent, takaful insurance at 0.7 percent, and the rest split between investment funds and other Islamic finance institutions. Qatar's performance comes as the global Islamic finance industry entered 2025 on a solid footing, with 10.6 percent growth in 2024, driven by strong banking assets and a 29 percent growth in foreign currency sukuk issuances, according to S&P Global Ratings. While key markets like Saudi Arabia, the UAE, and Malaysia continue to dominate — with the Kingdom alone accounting for two-thirds of Gulf Cooperation Council Islamic banking growth — the outlook remains cautious amid potential headwinds, including oil price volatility and evolving regulatory frameworks. Khalid Al-Sulaiti, vice chairman of Bait Al Mashura's board of directors, said: 'In the past year, the Islamic finance sector experienced significant transformations and qualitative advancements in performance, expansion, and supporting technologies.' He underscored the need to analyze data and trends to provide a comprehensive and accurate outlook for the future — balancing Shariah compliance, developmental goals, and economic and social sustainability. The report showed that Qatar's Islamic banking assets grew by 3.9 percent to 585.5 billion riyals, while deposits surged by 8.2 percent to 339.1 billion riyals, with private sector deposits accounting for 57 percent. Financing increased by 4.9 percent to 401.5 billion riyals, primarily directed toward real estate, government, and personal financing. Revenues rose by 12.6 percent to 29.5 billion riyals, with profits reaching 8.7 billion riyals, marking a 6 percent growth. In the takaful sector, assets grew by 7.1 percent to 5.1 billion riyals, while policyholders' funds increased by 6.3 percent to 2.6 billion riyals. Insurance subscriptions rose by 18.6 percent, exceeding 1.9 billion riyals, though results varied between surplus and deficit. Islamic finance companies saw marginal growth of 0.8 percent in assets, reaching 2.53 billion riyals, while financing rose by 5.7 percent to 1.9 billion riyals. Revenues jumped 14.7 percent to 277.2 million riyals, with financing and investment activities contributing 84 percent. Performance varied, with aggregate profits surpassing 178.5 million riyals against losses of 12 million riyals. Islamic investment firms recorded a 5.2 percent increase in assets to 549.5 million riyals, with revenues surging 44.1 percent to 59.7 million riyals. Profits reached 17.5 million riyals, though some firms reported losses. The sukuk market expanded significantly, with issuances rising by 161 percent. Islamic banks issued 9.5 billion riyals in sukuk, up 300 percent, while the Qatar Central Bank issued 16.9 billion riyals. Shariah-compliant investment funds grew by 1 percent to 944.6 million riyals, though performance was mixed. On the Qatar Stock Exchange, the Al Rayan Islamic Index closing price increased by 2.23 percent. The share performance of listed Islamic finance companies was mixed, with increases reaching up to 2.3 percent and decreases as much as 19.6 percent. Qatar's Shariah-compliant finance industry now represents 27 percent of the country's overall financial system, placing it among the top Islamic finance hubs globally alongside Saudi Arabia and the UAE, according to the Qatar Financial Center. The country is home to two of the region's largest Islamic banks — Qatar Islamic Bank and Masraf Al Rayan — ranked among the top 10 globally by asset size. Earlier this year, Fitch Ratings affirmed strong credit profiles for Qatari Islamic banks due to high oil prices, solid profitability, and stable funding structures. The sector's growth is further bolstered by active sukuk issuances and strong retail deposit bases. While the industry faces challenges, including potential fragmentation from regulatory shifts and macroeconomic risks, its long-term outlook remains positive, supported by economic diversification efforts and increasing demand for Shariah-compliant financial products.
Zawya
5 days ago
- Business
- Zawya
Qatar Islamic finance assets reach $187.63bln in 2024
Qatar's Islamic finance sector saw a 4.1% year-on-year growth in assets to QR683bn during 2024, according to Bait Al Mashura Finance Consultations, the country's first certified entity authorised to provide Shariah audit, investment advisory, and financial consulting services to Islamic financial institutions. Of the total Islamic finance assets during the review year, Islamic banks accounted for 87.4%, sukuk 11.2%, takaful companies 0.7% and the remaining distributed among Islamic investment funds and other Shariah-compliant financial institutions, said "Qatar Islamic Finance Report". "In the past year, the Islamic finance sector experienced significant transformations and qualitative advancements in performance, expansion, and supporting technologies. This necessitates a close monitoring of these changes through data analysis and trend tracking to offer a more comprehensive and precise perspective on the current state and to anticipate future trajectories," said Dr Khalid Ibrahim al-Sulaiti, vice-chairman of Bait Al Mashura Finance Consultations. Within Islamic banks, assets expanded 3.9% year-on-year to QR585.5bn; revenues by 12.6% to QR29.5bn and net profit by 6% to QR8.7bn during 2024. Deposits soared 8.2% on annualised basis to QR339.1bn with private sector accounting for 57%. Financing shot up 4.9% yearly to QR401.5bn during 2024, predominantly directed towards real estate, government and personal finance segments. "Qatar's banking and financial sector remains fundamentally sound, characterised by robust capital buffers, ample liquidity, and high provisioning coverage ratios," the report said. In the takaful sector, the report said, assets increased by 7.1% year-on-year to QR5.1bn during 2024. Policyholders' assets grew by 6.3%, reaching QR2.6bn. Insurance contributions saw a significant rise of 18.6%, exceeding QR1.9bn. The performance outcomes for takaful insurers varied, with some achieving insurance surpluses while others incurred deficits. For Islamic finance companies, total assets amounted to QR2.53bn, a marginal increase of 0.8%. Financings extended by these companies grew by 5.7% to QR1.9bn. Revenues reached QR277.2mn, an increase of 14.7%. Revenues from financing and investment activities constituted 84% of the total. Islamic finance firms displayed mixed results with some reporting profits collectively exceeding QR178.5mn, while others recording losses of about QR12mn as total profits reached QR17.5mn during 2024. Islamic investment companies saw their combined assets grow by 5.2% to QR549.5mn during 2024. Their revenues surged 44.1% reaching QR59.7mn. In the sukuk market, the issuance increased by 161%. Islamic banks issued sukuk valued at QR9.5bn during 2024, a 300% surge; while the Qatar Central Bank issued sukuk worth QR16.9bn during the year, an increase of 118.5% on an annualised basis. Islamic investment funds' assets stood at QR944.6mn, reflecting a 1% increase. On the Qatar Stock Exchange, the Al Rayan Islamic Index closed with a gain of 2.23%. The share performance of listed Islamic finance companies was mixed, with increases reaching up to 2.3% and decreases as significant as (19.6%). © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
