Islamic Financial Services

Qatar’s Islamic banking industry is one of the world’s largest and most experienced, given than its first entity – Qatar Islamic Bank – was established in 1982. Four decades later, as business confidence and economic growth is returning after two years of slowdown, the sector stands ready for renewed expansion. It can build on the important role it played in response to the virus, when it supported many businesses and individuals navigating the economic fallout. However, the situation of recent years has had an impact on the sector: 2020, in particular, saw assets and profits decline. This came after several years of low oil and gas prices – a factor that constrained economic growth in Qatar and many other countries in the region. As a result, the local Islamic finance sector has followed the global trend of industry mergers, with market consolidation a widespread response to tough conditions.

This chapter contains interviews with Bassel Gamal, Group CEO, Qatar Islamic Bank; and Khalid Al Subeai, CEO, Dukhan Bank.