Islamic Financial Services
From The Report: Qatar 2019
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Qatar is home to some of the region’s most prominent sharia-compliant institutions. Despite operating in a crowded and competitive arena, over recent decades the country has claimed a significant share of the banking, insurance and investment segments. More recently, Qatar faced the challenges of a sustained dip in oil prices and a regional economic blockade. However, due to a prudent regulatory structure and the government’s ability to support its most important Islamic institutions, the sector remains largely unaffected by economic turbulence, and is well positioned to take advantage of the opportunities emerging from the Qatar National Vision 2030 strategy and preparations for the 2022 FIFA World Cup. This chapter contains an interview with Bassel Gamal, Group CEO, Qatar Islamic Bank.

Articles from this Chapter

Overview

With strong government support, the sector continues to: expand in a competitive environment Steady progress
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Qatar is home to some of the region’s most prominent sharia-compliant institutions. Despite operating in a crowded and competitive arena, over recent decades the country has claimed a significant share of the banking, insurance and investment segments. More recently Qatar faced the challenges of a sustained dip in oil prices and a regional economic blockade. However, due to a prudent regulatory structure and the government’s ability to support its most important Islamic institutions, the sector…

Interview

Bassel Gamal, Group CEO, Qatar Islamic Bank (QIB), on growth: opportunities for the industry amid greater competition Significant achievements
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Interview:Bassel Gamal How resilient is Qatar’s Islamic financial services (IFS) industry, and how have local banks adapted to the sector’s challenges? BASSEL GAMAL: Islamic financial institutions are a vital part of the country’s financial system. The sector has recorded many achievements over the last few years as it continues to strengthen its capabilities. By developing products and services, as well as capacity, Islamic banks are taking part in the financing of the major projects…

Analysis

Increasingly competitive and technologically advanced sharia-: compliant funds see healthy returns as frameworks improve Challenging convention
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Sharia-compliant funds are emerging as an increasingly popular investment instrument in markets across the region, and Qatar is playing an important role in this expansion. According to the Qatar Financial Centre (QFC), sharia-compliant funds accounted for $224m by end 2017; just over 50% of the assets placed in the Qatari mutual fund segment. Their prominence in the market means that they are no longer viewed as a niche investment opportunity, with an increasingly broad range of investors…