In comparison to other nations, the banking system in Qatar is relatively modest in terms of market volume, although it is rapidly expanding. The Qatar Central Bank governs Qatar’s financial system.
International credit agencies and the Qatar Stock Exchange have recently voiced their confidence in the bank’s financial health, citing its high liquidity and stable earnings. Qatar’s banking sector grew by 4 percent in July 2019, indicating that the country’s economic activity is picking up.
The majority of banks are growing more confident in the country’s banking system’s financial soundness. The only issue facing Qatar’s banking industry is international exposure.
Qatar’s central bank is the government’s bank and the monetary authority over the country’s banking system. Banks play a critical role in promoting economic growth in Qatar by lending money and other financial assistance to enterprises interested in Qatari initiatives.
Qatar’s Top Ten Banks Listed
The following is a list of Qatar’s top ten banking institutions.
Qatar National Bank
STUTTG, GERMANY – Jun 08, 2021: Person holding cellphone with logo of financial company Qatar National Bank (QNB) on screen in front of business webpage. Focus on phone display.
In 1964, Qatar National Bank (QNB) became the first Qatari-owned commercial bank. It is the largest bank in the Middle East and Africa and one of the major financial organizations. A bank’s net profit for the year 2018 was QAR 13.8 billion, which is 5% higher than the previous year over the same time.
The bank’s total assets as of December 2019 were QAR 860 billion, a 6% increase over the previous year over the same period. QNB employs 29,000 people and operates through 1,100 locations and 4,000 ATMs. Investment banking, stockbrokers, multi-market, trading platform, and other services are provided by QNB.
Doha Bank
Doha Bank, founded in 1979, is one of the central commercial banks in Qatar. Individuals, commercial, corporate, and institutional clients can access domestic and international financial services through four business groups: wholesale finance, retail banking, international finance, and Treasury and investment.
Doha Bank was honored with several accolades in acknowledgment of its accomplishments. Asian Banking and finance just named Doha Bank as Bank of the Year Qatar domestic trade financing. During the first half of 2019, Doha Bank posted a net profit of QAR 470 million. Doha Bank has 27 local locations, eight e-branch locations, and 100 ATMs.
Commercial Bank
Commercial Bank contributes significantly to Qatar’s economic growth by providing personal, commercial, government, international, and investment banking services. In 1975, the bank became Qatar’s first private bank.
By total capitalization, it is the country’s second-largest commercial bank. In 2019, the group recorded a net income of QAR 1600 million, 170 percent greater than the previous year. The bank was named the most acceptable bank globally by Global Finance.
Qatar International Islamic Bank
QIIB is a privately held Islamic bank based in Qatar that provides personal and business Islamic banking services. It was created in 1991. The bank is regulated by the Qatar Central Bank and is highly rated by international rating agencies for financial power and outlook.
In 2019, the bank had a net income of QAR 880 million, increasing 6% over the previous year. Corporate banking, banking accounts, and Treasuries and investment are the three divisions in which QIIB works.
Qatar Islamic Bank
Qatar Islamic Bank was Qatar’s first Islamic bank, established in 1982, and it remains the country’s largest Islamic financial organization. It accounts for 42.3 percent of the country’s Islamic banking sector and 11% of the total market. QIB operates through a sophisticated branch network and ATMs located throughout Qatar.
Corporate banking, banking accounts, group functions, and local and foreign subsidiaries are all part of the bank’s operations. “Best Islamic Bank in Qatar” and “Excellence in Mobile Banking” were two awards given to QIB by new-age banking in 2018.
Al Ahli Bank
Commercial banks, retail, personal banking, international finance, Treasury and investing, and brokerage services are all available through the bank created in 1983. For the fiscal year ending in 2019, the bank recorded a net income of QAR 660 million.
At the New Age Banking Summit in 2018, the bank was named Best Bank in Assets Quality. The bank operates with a 14-branch network.
Al Khaliji Bank
It is a next-generation bank based in Qatar that provides a full range of traditional banking services and products to its premium, business, corporate, and global customers in Qatar, the United Arab Emirates, and France.
In 2019, the bank recorded a net income of QAR 600 million, and the bank’s outlook was changed from negative to stable. The bank’s profit is 10.5 percent greater than the previous year, and the bank’s total asset is QAR 52 million.
Qatar Development Bank
In Qatar, the bank provides banking services for small and medium-sized industrial, educational, health, agricultural, and tourism enterprises and long and medium-term industrial loans. The bank was established in 1997 to support and stimulate the country’s economic and industrial growth.
The bank was previously known as the Qatar Industrial Development Bank. The bank currently employs around 270 people. By altering its focus from just industrial finance to being a fully-fledged development bank, the bank grew its capitalization from QAR 200 million to QAR 13 billion.
Barwa Bank
Barwa Bank is Qatar’s newest Islamic bank, authorized by the national bank of Qatar. Retail banking, consumer banking, corporate banking, personal loans, real estate finance, and other shari’a-compliant financial services are available through the bank.
The banks have a total capital of 3 billion QAR. First, the bank recorded a net income of QAR 209 million for the quarter, which is 15% more than last year, and the company achieved a return on equity of 13%. Among all other Islamic banks, it is one of the most recent.
HSBC Bank Middle East
HSBC is a multinational banking and financial services corporation. HSBC began operations in Qatar in 1954 and has played a significant influence in the country’s economic development. It provides services in business, industrial, and commercial banking.
HSBC is a division of HSBC Holding PLC and is the world’s oldest foreign bank. Asset management and offshore bank accounts are also available through the bank. The bank has three branches, one central office, and 12 ATM locations nearby. The HSBC debit card allows you access to more than 800,000 ATMs worldwide.
Final Thoughts
This page will assist you in learning about the history, activities, and size of Qatar’s banks so that you may plan your banking career or activities.
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