Qatar Islamic finance reached QR683bn ($187bn) in 2024, marking a 4.1% annual increase. This rise came despite global inflation, interest rate hikes, and other economic headwinds.
Qatar’s economy stayed resilient. Monetary and banking sectors showed continued strength, backed by Vision 2030 and proactive fiscal policies.
Islamic banks held 87.4% of total assets in the sector. Meanwhile, Islamic Sukuk made up 11.2% of the total.
Moreover, Islamic banking assets climbed 3.9% to QR585.5bn. Deposits grew by 8.2%, hitting QR339.1bn. Private sector deposits made up 57% of that total.
Speaking on the developments, Prof. Khalid Ibrahim Al Sulaiti praised the sector’s rapid growth and digital transformation. He stressed the importance of balancing Sharia principles with economic sustainability.
“Our annual reports provide accurate data,” he said. “We guide policymakers and investors with trusted Islamic finance insights.”
Additionally, financing across Islamic banks rose 4.9%, totaling QR401.5bn. The real estate and government sectors received the largest share.
At the same time, revenues jumped by 12.6% to QR29.5bn. Net profits grew 6% to QR8.7bn, reflecting healthy operational strength.
Takaful insurance also posted strong results. Total assets rose 7.1% to QR5.1bn. Contributions surged 18.6% to more than QR1.9bn. However, performance across firms varied, with both surpluses and deficits reported.
Meanwhile, Qatar Islamic finance companies recorded a 0.8% growth in assets, reaching QR2.53bn. Financing rose 5.7% to QR1.9bn, while revenues increased 14.7% to QR277.2m.
Investment activities brought in 84% of that income. Still, some firms reported losses near QR12m, despite others earning collective profits above QR178.5m.
Islamic investment companies added 5.2% in asset growth, totaling QR549.5m. Revenues soared 44.1%, hitting QR59.7m.
The Islamic Sukuk market expanded sharply. Islamic banks issued QR9.5bn in Sukuk, a 300% jump. Qatar Central Bank issued QR16.9bn, a 118.5% increase from 2023.
Furthermore, Islamic investment funds reached QR944.6m in assets, with mixed performance across portfolios.
The Al Rayan Islamic Index rose 2.23%, closing positively on the Qatar Stock Exchange.
Clearly, Qatar Islamic finance continues to evolve. It supports national growth while aligning economic goals with Islamic values.
