Islamic Financial Services

It was more challenging operating environment for the Islamic financial services (IFS) sector in 2016, as the continuing effects of low oil prices fed into the domestic economy, leading to a sizeable decline in government deposits and a tightening of liquid¬ity. Nonetheless, asset growth continued, and as oil prices began to pick up towards the end of the year and into 2017, liquidity conditions improved. How¬ever, with the sharia-compliant market beginning to mature and the cost of borrowing remaining high, there is evidence of key players within IFS looking to domestic consolidation and overseas expansion as part of their future strategies for growth.

This chapter contains an interview with Bassel Gamal, Group CEO, Qatar Islamic Bank.