Qatar Financial Services

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Chapter | Banking from The Report: Qatar 2017

Tightening liquidity conditions and a squeeze on profit growth proved to be the hallmarks for Qatar’s banking sector in 2016, as financial institutions across the Gulf were forced to respond to the effects of weak oil prices on the local economy. Despite tougher operating conditions, however, the sector remains resilient, with strong underlying fundamentals marked by high capital adequacy...

2017 proved a turbulent year for Qatar, dominated by the diplomatic rift that emerged between the country and several other regional states in June 2017. However, Qatar has adapted quickly, with many in the local business community confident about the future.

While the banking and financial services sector in Qatar continues to be a significant source of growth in the country, recently released figures for the first half of the year suggest a mixed picture for industry earnings.

 

Fueled in large part by government investment in infrastructure and other large-scale construction projects, over the past decade Qatar has become the fastest-growing insurance market in the GCC region, according to recent reports published by ratings firm Moody’s and Dubai-based investment bank Alpen Capital. In 2014 alone Qatari underwriters...

 

In recent years Qatar’s insurance sector has expanded swiftly, on the back of government spending, economic development and steadily increasing awareness of the benefits of coverage among the nation’s rapidly growing population.

 

Do you view the recent growth of sharia-compliant finance in non-Islamic jurisdictions as complementary to, or competitive with, Qatar’s aspirations to become an Islamic financial centre?

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