Islamic Financial Services
From The Report: Qatar 2017
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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.

Articles from this Chapter

Overview

Branching out: Key players in the industry look to expand internationally as part of future growth strategies
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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 liquidity. Nonetheless, asset growth continued, and as oil prices began to pick up towards the end of the year and into 2017, liquidity conditions improved. However, with the sharia-compliant market beginning to mature and the cost of borrowing…

Analysis

Maturing framework: Islamic banking is increasingly well integrated within the local financial system
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Islamic financial services (IFS) have come a long way in a relatively short period. According to the Islamic Financial Services Board (IFSB), the international body that acts as the global regulator for the sector, $1.89trn of assets were managed in sharia-compliant structures internationally in 2016. As the sector grows, so do the demands placed upon it, meaning greater regulatory oversight and supervision is required. In the early years of IFS growth, a degree of variance in terms of standards…

Interview

Sustainable growth: Bassel Gamal, Group CEO, Qatar Islamic Bank (QIB), on how Islamic Financial Services (IFS) are evolving and expanding
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Interview:Bassel Gamal How have IFS benefitted from the $200bn expenditure for the 2022 FIFA World Cup and other ongoing projects? BASSEL GAMAL: New investments and the recent focus on innovation and technology have driven Islamic banks to introduce more advanced products, efficient processes and competitive pricing. Islamic banks in Qatar have developed the capacity to structure and finance the major infrastructure projects that are taking place in preparation for the 2022 FIFA World Cup…

Analysis

Rising issuance: Sharia-compliant bonds become a permanent fixture in regional finance
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With governments across the GCC feeling the pinch from low global oil prices, sukuk (Islamic bonds) are witnessing a renewed trend of issuances. According to the ratings agency Fitch, new issuances of sukuk in core markets rose by 26% in 2016, with the trend continuing into the first half of 2017. Moreover, Fitch expects the absolute market share of sukuk to pick up, as more sovereigns turn to sharia-compliant bonds to finance their debt. Some $40bn of new sukuk with a maturity of over 18…