Banking
From The Report: Qatar 2025
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Qatar has one of the most well-capitalised and secure banking sectors in the Gulf, with its leading lender, Qatar National Bank, among the world’s largest-50 banks by market capitalisation. Central to the sector’s future trajectory is the Third Financial Sector Strategy 2024-30, which seeks to unlock new growth areas by expanding offerings in environmental, social and governance financing, Islamic banking and small and medium-sized enterprise lending, while advancing digital solutions that meet evolving customer expectations. While challenges remain – notably around sustaining credit demand and managing exposure to real estate – the sector’s resilience, supported by strong government backing and diversified assets, offers a cushion against potential shocks.

This chapter contains interviews with Abdulla Mubarak Al Khalifa, Group CEO, Qatar National Bank; Abdul Hakeem Mostafawi, CEO, HSBC Middle East; Joseph Abraham, CEO, Commercial Bank of Qatar; and Sheikha Maryam Al Thani, CEO, Credit Bureau.

Articles from this Chapter

Overview

Strong foundations: Steady fundamentals and a supportive regulatory system support the widening and deepening of the sector
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Qatar has one of the most well-capitalised and secure banking sectors in the Gulf, with its leading lender, Qatar National Bank Group (QNB Group), among the world’s largest-50 banks by market capitalisation. The sector weathered successive external challenges, from the economic contraction associated to the Covid-19 pandemic to more recent global challenges associated with fluctuations in hydrocarbons prices and geopolitical conflicts. Throughout, growth in credit and profit remained solid, both in the sector’s conventional and Islamic segments. The sector is also a major player elsewhere in Qatar’s financial services, including in the…

Analysis

Digital solutions: Regulators’ focus on innovation and modernisation lay the groundwork for resilience and expansion
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With a robust digital infrastructure and a young, tech-savvy population, Qatar is well positioned to become a leading centre of financial innovation. The country’s financial authorities have taken decisive steps to modernise legislative and regulatory frameworks, aligning them with global best practices. At the same time, local banks, financial technology (fintech) start-ups and new market entrants are leveraging these reforms to roll out new products and services, accelerating the digital transformation of Qatar’s financial landscape Infrastructure & Adoption Qatar’s readiness for this digital shift is evident in its infrastructure…

Interview

Strong foundations: Abdulla Mubarak Al Khalifa, Group CEO, Qatar National Bank Group, on enabling sustainable financing and innovation
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Interview: Abdulla Mubarak Al Khalifa, Group CEO, Qatar National Bank Group, on enabling sustainable financing and innovation How do you see the banking sector’s role evolving to support long-term economic diversification efforts? ABDULLA MUBARAK AL KHALIFA: Qatar National Vision (QNV) 2030 aims to transition the country into a knowledge-based economy with greater private sector participation and reduced reliance on hydrocarbons. Achieving this requires structural reforms and strong support for…

Interview

Future-ready: Abdul Hakeem Mostafawi, CEO, HSBC Middle East, on trends towards digitalisation and the resilience of the sector
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Interview: Abdul Hakeem Mostafawi, CEO, HSBC Middle East, on trends towards digitalisation and the resilience of the sector In what ways has the banking sector responded to recent changes in the global economy, and what strategies are being used to navigate these changes? ABDUL HAKEEM MOSTAFAWI: The global economy is inherently dynamic, presenting both challenges and opportunities. The Qatari banking sector has demonstrated strong adaptability to shifting international conditions and continues…

Analysis

Open to change: New technologies transform the provision of financial services
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Open banking has rapidly emerged as a transformative force in global finance, redefining traditional banking models by enabling secure, application programming interface (API)-driven data sharing and third party service integration. Valued at approximately $25.1bn in 2023 and poised to surge to $29.6bn by 2025 – ultimately eclipsing $306.6bn by 2035 – the global market’s projected compound annual growth rate (CAGR) of 26.3% through 2035 underscores its potential to reshape financial services worldwide. Within the GCC, a concerted drive towards digital transformation, economic diversification and enhanced financial inclusion has rendered…

Interview

A fundamental shift: Joseph Abraham, Group CEO, Commercial Bank of Qatar, on enhanced opportunities in trade finance and advanced technology
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Interview: Joseph Abraham, Group CEO, Commercial Bank of Qatar, on enhanced opportunities in trade finance and advanced technology How is the rapid adoption of digital banking reshaping customer expectations and influencing the competitive landscape in the financial sector? JOSEPH ABRAHAM: The shift towards digital banking in Qatar is fundamentally changing customer expectations. Today’s customers demand convenience, speed, personalisation and seamless service across all channels. In response,…

Interview

Emerging trends: Sheikha Maryam Al Thani, CEO, Credit Bureau, on how advanced technologies are influencing regulations within the sector
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Interview: Sheikha Maryam Al Thani, CEO, Credit Bureau, on how advanced technologies are influencing regulations within the sector How is the digitalisation of services influencing the way financial institutions assess creditworthiness? SHEIKHA MARYAM AL THANI: Regulations issued by the Qatar Central Bank (QCB) have ensured user protection and identity verification, which are critical for the safe adoption of digital services. The QCB released guidelines on ethical artificial intelligence (AI)…

Analysis

Streamlined transactions: Digital payment platforms see growth in emerging markets due to higher consumer demand and increased remittances
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Despite the ongoing macroeconomic and geopolitical headwinds experienced by the global economy, one area of the international financial system that has shown steady progression is digital payments. Since the Covid-19 pandemic, they have been spurred by a jump in remittance flows, and the greater availability of digital infrastructure and services, as well as higher demand for fast and seamless non-physical transactions. The trend is even more notable across low- and middle-income countries. While non-cash retail payments climbed by 13% globally between 2018-21, they rose by 25% across emerging markets during that time. Decentralised Payments While…