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Qatari financial institutions are on the march, with record profits and global ambitions, in a recent paper the IMF confirmed that "Qatar’s medium-term outlook is very favourable, with continued strong growth expected to be driven by the hydrocarbon sector, as well as by diversification to higher value added Petrochemicals, Finance & Education services.”
Market Size
The banking sector is supervised by the Qatar Central Bank, which has introduced international level regulation and standards. Total banking sector assets are over $60bln, with Islamic banking institutions accounting for over $11bln. The largest Islamic bank is the Qatar Islamic Bank (QIB) with market capitalisation of $4.1bln.
Key Developments
Aug. 2008: QIB leads efforts to consolidate global takaful operations. According to the CEO of QIB, Salah Mohamed al-Jaidah, "there is a big scope for a very large takaful firm with a global reach. Currently, big financial institutions do not provide takaful products with greater depths”.
Jul. 2008: HSBC Qatar aims to step up its Islamic banking operations in the country. "Customers have said they want a broader range of Islamic products", said HSBC's Bill Susinski.
May 2008: Qatar Development Bank (QDB) makes all housing loans consistent with Shari'ah principles. Sheikh Abdullah, Governor of the Qatar Central Bank said "there will be a one percent charge attached to the loan... and it should not be considered to be interest but rather, an administrative fee."
Feb. 2008: United Development Company raises $600mln for the first fully Shari'ah compliant closed ended real estate fund in Qatar.
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Key Statistics
Population
1.45 million
- 77% Muslim
- 10% Christian
- 13% Other
Economics
GDP: $67 billion
- GDP per capita: $70,754
- Labour force: 440,000
Industries:
- agriculture: 0.2%
- industry: 81%
- services: 18.8%
Currency: Qatari riyal (100 dirhams)
Unemployment: 2.7%
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