Latest news with #QatarBanking
Zawya
3 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. (
Zawya
08-05-2025
- Business
- Zawya
Qatar banks' total assets grew 0.6% to reach $569bln in March: QNBFS
Qatar banking sector total assets grew by 0.6% during March to reach QR2.074tn, driven by a rise in domestic assets, according to QNB Financial Services. Qatar banking sector total assets grew by 0.6% during March to reach QR2.074tn, driven by a rise in domestic assets, according to QNB Financial Services. Total assets moved up by 1.3% in 2025, compared to a growth of 3.9% in 2024. Assets grew by an average 5.7% between 2020 and 2024. Liquid assets to total assets edged slightly lower to 30.2% in March, compared to 30.4% in February, QNBFS said in its latest 'Qatar Monthly Key Banking Indicators'. According to QNBFS, Qatar banking sector loan book increased by 0.6% MoM (up 3.0% in 2025), while deposits went up by 0.2% MoM (up 3.2% in 2025) in March this year. With higher loans increase over deposits during March, the Loans to Deposits Ratio (LDR) moved up to 131.0%, compared to 130.5% in February. Overall loan book went up by 0.6% during March to reach QR1,387.7bn. Loans gain in March was mainly due to an increase by 1.0% in public sector loans and a rise by 0.3% in private sector loans. Private and public sectors were the main growth drivers YoY with the government taking QR21.1bn, real estate taking QR18.4bn, and government institutions taking QR16.5bn, QNBFS noted. Loans went up by 3.0% in 2025, compared to a growth of 4.6% in 2024. Loans grew by an average 5.4% over the 2020-2024 period. Outside Qatar loans increased by 0.9% MoM (+0.9% in 2025) in March 2025. Loan provisions to gross loans moved up to 3.9% in March, compared to 3.8% in February. Deposits edged up by 0.2% during March to reach QR1,059.5bn. Deposits uptick in March was mainly due to a gain by 0.7% in public sector deposits and a gain by 0.5% in non-resident deposits. Non-Resident, private sector and public sector deposits were the main growth drivers YoY with the government contributing QR20.9bn, non-residents providing QR12.5bn and personal (retail) adding QR16.8bn, the report noted. Deposits rose 3.2% in 2025, compared to an increase by 4.1% in 2024. Deposits grew by an average 3.9% over the 2020-2024 period. An analyst told Gulf Times, 'Banking sector indicators continue to show good promise during March with the further gains in total assets during the month. Total assets increase was mainly driven higher by a QR7.4bn increase in domestic credit. 'The overall banks' credit facilities was pushed higher noticeably by the government (overdrafts and other loans) as it continues to utilise this flexibility in funding its spending needs. Private sector loan gains were also coming in from increasing private consumption, contractors and the pick-up in the services sector'. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Pratap John
Zawya
06-05-2025
- Business
- Zawya
QFC AND LSEG CO-HOST Islamic Finance Forum
Qatar's Islamic Finance Sector Shows Strong Growth Across Key Segments Doha – Qatar: Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, and London Stock Exchange Group (LSEG), one of the world's leading providers of financial markets infrastructure, data, analytics, indices, and news, jointly hosted the QFC Islamic Finance Forum themed 'Enabling Transformation'. Bringing together industry leaders and policy experts, the forum featured high-level discussions on strategies for modernising Islamic finance and shaping its future across banking, capital markets, and fintech. A central highlight of the forum was the launch of the Qatar Islamic Finance Report 2025: Expanding Horizons, developed in collaboration with LSEG. The report maps key developments in Qatar's Islamic finance sector over the past five years, with insights on market trends, regulatory progress, and alignment with the Qatar Financial Sector Strategic Plan. Key findings included: Islamic finance assets: The value reached QAR 694 billion by the end of 2024, with Islamic banking and Sukuk making up 97% of the total. Islamic banking surge: Assets hit QAR 586 billion in 2024, growing at a 6.8% CAGR since 2020, outperforming conventional banks. Sukuk market expansion: Sukuk issuance by Qatari entities more than tripled from QAR 9.2 billion in 2020 to QAR 30.4 billion in 2024. Takaful sector growth: Gross written contributions rose to USD 1.9 billion in 2024, with market share nearly doubling from 6% to 11% between 2020 and 2024. FinTech momentum: Islamic FinTech transaction volumes tripled to nearly QAR 10 billion in 2024, with a projected CAGR of 10% through 2028. Global recognition: Qatar ranked 8th in the 2024 Global Islamic FinTech (GIFT) Index. Also unveiled was the QFC Sukuk Guide, which provides a concise overview of Qatar's Sukuk market since 2005. It also outlines common Sukuk structures and explains the legal and regulatory frameworks relevant to issuers under the QFC platform. Commenting on hosting the event, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: "This forum represents our commitment to facilitating knowledge exchange and policy dialogue in Islamic finance. Through our collaboration with LSEG on the Qatar Islamic Finance Report 2025, we aim to support stakeholders with the insights and tools needed to tap into the growing opportunities within Qatar's dynamic financial sector.' The forum welcomed guests from leading organisations in Qatar and the wider financial services community. ABOUT THE QATAR FINANCIAL CENTRE The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. The QFC welcomes a broad range of financial and non-financial services firms. ABOUT London Stock Exchange (LSEG) LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world's financial system. With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes. LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific.
