Top Banks in Qatar
Qatar's economy has grown significantly over the past few decades, partly due to income from its natural gas and oil deposits.
Qatar's economy has grown significantly over the past few decades, partly due to income from its natural gas and oil deposits. The nation has been doing so to make its citizens' banking and financial system safer and more effective.
Although it is quickly growing, Qatar's banking sector is still relatively small compared to other countries. The Central Bank of Qatar governs Qatar's financial system.
The bank's substantial liquidity and steady earnings have lately been cited as reasons international rating agencies and the Qatar Stock Exchange are confident in the bank's financial stability.
The banking industry in Qatar expanded by 4% in July 2019, which shows that the nation's economy is strengthening.
The vast majority of banks have increased faith in the stability of the nation's banking sector. As a result, Qatar's banking sector's only risk is exposure to foreign markets.
In Qatar, there are numerous possibilities for local and foreign banks to meet your daily demands. The Qatar Central Bank regulates all commercial banks, including Doha Bank, Qatar Islamic Bank, the International Bank of Qatar, and the Qatar National Bank (QNB).
The top financial institutions in Qatar are listed below.
Qatar National Bank
According to total assets, loans, and deposits, Qatar National Bank is the biggest bank in Qatar. Additionally, it is the biggest bank in the continents of Africa and the Middle East.
The monetary and governing body of Qatar's banking and financial system is the Qatar Central Bank.
It is responsible for creating and carrying out policies focused mainly on maintaining economic stability and averting financial imbalances.
QNB was the first domestically held commercial bank when it was established in 1964. Around 28,000 people are employed by it today, and it has a network of over 50 branches, 510 ATMs around the country, and over 1,060 branches abroad.
As of June 23, 2022, QNB shares, traded on the Qatar Stock Exchange, have a market value of $50 billion.
The QNB Group has steadily expanded to become Qatar's biggest bank and financial organization in the Middle East and Africa.
QNB sponsors several social, educational, and sporting activities locally and globally and has an extensive community support program.
To realize its goal of becoming a significant bank in the Middle East, Africa, and Southeast Asia, the Group, is expanding its network.
Leading credit rating agencies, which include Standard & Poor's (A) and Moody's, continue to rate QNB Group as the highest-rated bank in Qatar and one of the highest-rated banks globally (Aa3).
Additionally, the bank has won numerous accolades from prestigious international financial periodicals.
Qatar Islamic Bank
The second-largest bank in terms of assets in the nation is Qatar Islamic Bank (QIB), which has its headquarters. It was the first Islamic financial organization in Qatar when it was established in July 1982. Presently, it controls more than 40% of the market for Islamic banking.
The bank reported QAR 131 billion in deposits and QAR 193 billion in total assets as of March 31, 2022.
The business has 22 neighborhood branches and 170 ATMs and employs about 1,000 people. Additionally, it has a branch in Sudan and a subsidiary in the UK.
The QIB Group conducts its domestic business through a modern branch network dispersed throughout Qatar.
Key branches have distinctive centers with relationship managers focused on serving particular customer segments, including Private Banking Centers, Affluent Banking Centers, Small & Medium Enterprises (SME) Centers, and Ladies' Banking Centers.
The bank has increased its investments in digital channels in addition to its branch network, offering its services through multi-purpose ATMs, mobile and online banking applications for individuals and businesses, and an award-winning Call Center.
The QIB Group owns shares in several Qatari financial services firms that adhere to Sharia law.
This includes its investment banking business QInvest and its subsidiaries Beema (a provider of Takaful solutions) and Al Jazeera Finance (a Consumer Finance company).
Masraf Al Rayan
One of the top financial organizations, Masraf Al Rayan, was founded in 2006. Currently, it has 17 branches and 98 ATMs strategically placed throughout Qatar.
It has established four new locations in Doha Festival City, Qatar Armed Forces, Royal Plaza, and Gulf Mall. Additionally, it has six branches in the UK.
The bank had QAR 174 billion in total assets, QAR 107 billion in customer deposits, QAR 23.5 billion in shareholders' equity, and QAR 1.7 billion in net profit for the year that concluded on December 31, 2021.
The bank has a robust A1 credit rating*, and Qatari government organizations own more than 30% of its shares.
With total assets of QAR 182 billion and a capital base of QAR 9.3 billion following its merger with Al Khalij Commercial Bank "al khaliji" in 2021, Masraf Al Rayan will rank as the second-biggest Shari'ah-compliant bank in Qatar and one of the largest in the region.
The following are the main business operations of the bank:
1. Retail Banking
Provides credit cards, loans, current and savings accounts, time deposit accounts, and other services.
2. Wholesale Banking
Provides trade finance, cash management, treasury, corporate finance, and consultancy services.
3. Private banking
Provides wealth management, credit management, investment management, and asset management solutions.
In addition to five foreign offices throughout the UK, France, and the UAE, Masraf Al Rayan has 17 locations in Qatar.
Commercial bank of Qatar
The Commercial Bank of Qatar (PSQC), established in 1974, is the fourth-largest bank in Qatar, with QAR 172 billion in total assets.
It offers a broad range of financial goods and services through wholesale and retail banking divisions.
It is named "Best Bank in Qatar" by Global Finance in 2022 and has high credit ratings. Around 30 branches and 173 ATMs are overseen by CBQ, which has approximately 2,300 full-time staff nationally.
On the eve of the World Bank Group and International Monetary Fund's 2018 Annual Meetings, Global Finance magazine most recently named Commercial Bank "Best Bank in Qatar."
Commercial Bank was included in the top 500 global financial brands for 2018, placing third locally and 270 globally, an increase of 12 on the same list from the previous year, according to Brand Finance.
The Asian Banker recognized Commercial Bank as the "Best Remittance Bank in the Middle East 2018," "Best Retail Bank in Qatar 2018," "SME Bank of the Year in the Middle East 2017," and "Best Cash Management Bank in Qatar 2017."
As a result of its CSR initiatives helping the Qatari community, the bank is committed to assisting Qatar's social and communal infrastructure through corporate social responsibility initiatives and event sponsorship.
The Commercial Bank Qatar Masters' title sponsorship demonstrates the bank's commitment to supporting athletic excellence and its significant interest in strengthening Qatar's international sporting reputation.
Doha bank
Doha Bank is Qatar's third-largest conventional bank by assets and fifth-largest commercial bank overall.
It provides treasury and investment services and wholesale, retail, and international banking. It runs through a retail network that consists of 90 ATMs, three e-branches, and 24 local branches.
Along with representative offices in Singapore, the UK, Canada, Germany, Japan, China, Hong Kong, South Africa, South Korea, and Australia, it also has branches in Kuwait, Dubai, Abu Dhabi, and Mumbai.
The bank has excellent credit ratings from Standard & Poor's, Fitch, and Moody's.
Doha Bank, one of Qatar's top financial services providers, is dedicated to revolutionizing banking for customers and clients.
Doha Bank offers individuals, businesses, corporations, and institutions clients new and improved ways to manage their finances throughout Qatar and even abroad through cutting-edge technologies and the creativity of its staff.
Through a vast network and numerous access points, the organization gives its customers the freedom to conduct their banking and investing whenever and whatever they like.
Dukhan bank
Dukhan bank is the newest Islamic bank in the nation, founded in 2008 and known initially as Barwa Bank.
It provides corporate banking, private, personal, and business banking services, as well as markets and financial products.
General Retirement and Social Insurance Authority, Military Pension Fund, and Qatar Holding LLC each control the bank's 20.4 percent, 20.4 percent, and 12.1 percent, respectively.
Barwa, its main office in Doha, runs 74 ATMs and nine locations around the State of Qatar.
Dukhan Bank provides a top-notch financial portfolio to fulfill its clients' ambitions, including an award-winning mobile application and best-in-class Islamic financing services.
As it reinforces its status as the "Bank of Choice," the bank pushes forward with a thorough digital transformation that aims to redefine banking by providing secure, straightforward, and seamless banking.
Dukhan Bank is Qatar's fastest-growing Shari'ah-compliant financial service provider. It is authorized and governed by the Central Bank of Qatar.
Dukhan Bank offers a full range of Shari'ah-compliant banking services, including retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments, and asset management, which has total equity of QR 6.4 billion.
Following the nation's National Vision 2030, Dukhan Bank is an influential and forward-thinking financial institution well-equipped to meet the demands of Qatar's citizens and future generations.
Qatar International Islamic Bank
With total assets of QAR 65 billion, Qatar International Islamic Bank (QIIB), formed in 1990, is one of the top 10 banks in Qatar. Through a nationwide network of 18 locations and 94 ATMs, it offers a wide range of Sharia-compliant corporate and personal banking products and services.
Shares of the Bank are exchanged on the Qatar Exchange (formerly the Doha Securities market). Long-term issuer ratings for QIIB are A from Fitch and A2 from Moody's.
A bank with its headquarters in Qatar, Qatar International Islamic Bank QPSC, engages in commercial banking, financing, and investment activities following Islamic Sharia Principles.
The following sections make up its structure:
- Retail Banking: Includes financings, deposits, and other transactions and balances with retail customers and Treasury and Investment. Handles the bank's funding and centralized risk management activities through borrowings and debt issues.
- Corporate Banking: Includes financings, deposits, and other transactions and balances with corporate customers, government and semi-government institutions, and small and medium enterprises' customers.
Al Khalij Commercial Bank
Al Khalij Commercial Bank offers a comprehensive range of traditional financial goods and services to individuals, businesses, organizations, and other countries.
It has four offices in the United Arab Emirates, four local branches, and an office in France (Dubai, Sharjah, Ras Al Khaima, and Abu Dhabi).
Al Khaliji debuted the first humanoid robots in Qatar in 2018. The Qatari government and its agencies are the bank's largest shareholders.
Al Khaliji's products and level of service reflect the bank's conviction to be a successful financial institution. Therefore, it must satisfy the demands of the current and upcoming generations of its partners, customers, investors, and workers.
Al Khaliji had a favorable Fitch Rating. with an "A+" rating for long-term issuer default and an "F1" rating for short-term issuer default.
Al Khaliji's credit grade of A3 from Moody's Investor Services with a Stable Outlook allows for streamlined access to resources worldwide.
To preserve prosperity in any market, reaching financial goals is essential.
At Al Khaliji, long-term sustainability is maintained by striking a balance between the commitment to attaining results and the commitment to developing people and the community.
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