QATAR is rapidly developing its Islamic finance industry and is poised to become a leading hub for the sector. Within the Islamic finance, the Islamic banking sector is playing an important role in making Qatar a leading interconnected Islamic finance hub. Qatari Islamic banks are ranked among the largest Islamic banks in the world and the country is one of the largest markets for Islamic finance in the world. The volume of assets of local Islamic banks amounted to QR415.8bn at the end of 2019, compared to about QR350bn in 2018. Under the patronage of Prime Minister and Minister of Interior, H E Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani; Minister of Commerce and Industry, H E Ali bin Ahmed Al Kuwari had inaugurated the 7th Doha Islamic Finance Conference on March 30. The Conference was held under the title “Digital Economy and Sustainable Development”. The conference, which concluded yesterday, was organized by Bait Al Mashura Finance Consultations Company with the strategic partner and exclusive sponsor Dukhan Bank. The event was held virtually, in line with the precautionary measures against the spread of Coronavirus, with the participation of governmental bodies, international organizations, financial and academic institutions in the fields of economics, finance and technology. Qatari Islamic banks showed a strong performance and high growth rates in their profits in 2019, and their revenues reached QR18.6bn, with an increase of 15.4 percent compared to 2018. The revenues of financing and investment activities accounted for 90 percent of the Islamic banks’ total revenues. This remarkable growth of these banks is the result of the pioneering legislative and regulatory environment of Qatar’s Islamic finance sector. The private sector has greatly benefited from Islamic banks’ credit, especially in the field of real estate, trade, financial activities, and insurance, as well as the small and medium-sized companies division. In this regard, Islamic banks today represent one of the pillars of the stability of Qatar’s financial sector. Islamic finance can contribute to the economic recovery through its characteristics, as it is seen as an important factor in financial stability. The COVID-19 pandemic has significantly changed the whole scene of the Islamic financial industry. However, Qatari Islamic financial institutions have shown great resilience in the face of the challenges of the pandemic by moving towards investing in fintech, enhancing risk mitigation plans and paying attention to cybersecurity
