Islamic Financial Services
From The Report: Qatar 2024
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Qatar’s vibrant and multifaceted Islamic financial services sector is capable of providing a full suite of sharia-compliant products. The country is a major regional and global player in Islamic finance, home to three of the world’s top-10 Islamic banks by asset size. With the economy growing, hydrocarbons exports expanding and the population increasing, Islamic finance is capitalising on new growth opportunities and adopting innovative practices. Indeed, recent government strategies proposed for the financial sector and Qatar’s national development specifically target Islamic finance products and services. This robust government backing for the sector aims to drive advancement in financial technology, takaful (Islamic insurance) and green sukuk (Islamic bonds).

This chapter contains an interview with Bassel Gamal, Group CEO of Qatar Islamic Bank.

Articles from this Chapter

Overview

Market-making initiatives: Government-led diversification programmes and technological innovation pave the way for growth in the coming years
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Qatar has a vibrant and multifaceted Islamic financial services sector capable of providing a full suite of sharia-compliant products. The country is a major regional and global player in Islamic finance, home to three of the world’s top-10 Islamic banks by asset size. The sector has continued to grow despite the effect of the Covid-19 pandemic and recent regional and global instability. Now, with Qatar’s economy growing, hydrocarbons exports expanding and the population increasing, Islamic…

Analysis

Digital frontier: Clear direction for the sector is being supported with the development of innovative, digitally enabled products
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Islamic finance has emerged globally as a dynamic sector, garnering increased investor attention and becoming a new frontier of digitalisation efforts. Given Qatar’s significant experience in the sector, authorities and financial institutions are increasingly paying attention to ways in which financial technology (fintech) could become a lever for the sector’s expansion. On the Rise “State of the Global Islamic Economy Report 2023/24” – published by DinarStandard, a US-based research…

Interview

Strategic adaptation: Bassel Gamal, Group CEO, Qatar Islamic Bank, on adapting to emerging technologies and expanding sustainability efforts
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Interview:Bassel Gamal What recent shifts in the global economic landscape are impacting Qatar’s banking sector? BASSEL GAMAL: The banking sector has shown remarkable adaptability in recent years. Qatar’s economic outlook remains positive, with the current growth rate serving as a testament to this optimism. The banking landscape is characterised by stabilised finance expansion stemming from the government’s repayment of substantial borrowings, underpinned by a strong fiscal position.…