Interview:Abdul Hakeem Mostafawi How has the Covid-19 pandemic shaped the banking system’s approach to risk mitigation, and what factors will be key to recovery? ABDUL HAKEEM MOSTAFAWI: The pandemic demonstrated the importance of non-financial risk (NFR), especially resilience risk, in the banking sector. In particular, the swift adoption of technologies to minimise disruption to services…
Interview:Abdulla Mubarak Al Khalifa How has the banking sector in Qatar evolved in recent years, and what do you see as the primary market drivers in the short to medium term? ABDULLAMUBARAK AL KHALIFA: Qatar’s banking system is healthy, robust and offers medium- and long-term growth opportunities. There are several figures that highlight this, including the sector’s capital adequacy…
Interview:Joseph Abraham What role does technology play in improving the consumer experience, and what is the optimum balance of in-person and online banking? JOSEPH ABRAHAM: As technology evolves, banks need to adapt and improve their capacity to innovate. The Covid-19 pandemic had a significant effect on digitalisation in Qatar’s banking sector, as it drastically shortened the time institutions…
Interview:Khalid Al Subeai How do you envision technology will change Qatar’s Islamic financial services sector? KHALID AL SUBEAI: Qatar National Vision 2030, the country’s long-term economic development strategy, prioritises building a knowledge-based economy. This has required equipping our citizens with enhanced digital capabilities and widening the use of financial technology (fintech).…
Interview:Bassel Gamal What trends do you see in the Islamic banking industry in terms of both organic and inorganic growth? BASSEL GAMAL: The global Islamic finance market is growing rapidly, having increased by double-digit rates to $2.7trn in assets and a roughly 6% share of all banking assets. A few years ago Islamic banks realised that having an Islamic licence was not enough to succeed;…
Expanding Qatar’s range of financial services has been a priority in recent years, enshrined in Qatar National Vision 2030, as well as other government strategies. Indeed, a wide and deep financial services sector is essential to fostering broad-based growth and connecting Qatar’s start-up ecosystem with international counterparts. Specifically, the government is seeking to foster partnerships…
After a resilient performance in 2020, the international Islamic finance sector fared positively in 2021 as an improved economic environment, a rise in the number of large projects, and an increased focus on environmental, social and governance (ESG) factors combined to drive demand for services. Despite the twin challenges of the Covid-19 pandemic and the fall in international oil prices that affected…
Qatar’s Islamic financial services sector is engaged in a shift towards sustainability to take advantage of robust global growth in demand for sharia-compliant investments and rising interest in green finance. Globally, Islamic financial services continue to exhibit strong momentum, with loans expanding at an average compound annual growth rate (CAGR) of 10.5% in 2020 and 2021, according to a 2022…
Well capitalised and supported by one of the world’s wealthiest economies per capita, Qatar’s banking sector has successfully navigated a range of external challenges in recent years. It has emerged strong and resilient, in an advantageous position to leverage the resurgence in local and international demand for a wide variety of financing options. Consisting of commercial, Islamic, investment…
Qatar’s Islamic banking industry is one of the world’s largest and most experienced, given than its first entity – Qatar Islamic Bank (QIB) – was established in 1982. Four decades later, as business confidence and economic growth is returning after two years of the Covid-19 pandemic, the Islamic finance sector stands ready for renewed expansion. It can build on the important role it played…