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Satyendra Pathak
Doha
Qatar’s Islamic finance sector is one of the strongest in the world alongside Malaysia, Kuwait, Turkey, Indonesia and Pakistan, Minister of Commerce and Industry HE Ali bin Ahmed al Kuwari said on Tuesday.
Addressing the 6th Doha Islamic Finance Conference in Doha, Kuwari said that the Islamic finance sector in Qatar is currently witnessing an unprecedented prosperity that is evident from the fact that Islamic finance assets in the country grew at the compound annual growth rate (CAGR) of 8 percent since 2015 to reach $129 billion in the first half of 2019. This constitutes 33 percent of Qatar’s total financial system assets, he said.
The fact that established international financial institutions have ranked Qatar as the fifth largest Islamic finance market with banking assets amounting to more than $120 billion is yet another proof of country’s phenomenal growth in this particular sector, the minister said.
Highlighting financial technology (Fintech) as one of the major factors in the growth of Qatar’s Islamic finance sector, he said, “Islamic banks in Qatar are actively working to take advantage of this technology to develop and expand their activities and enhance their capabilities to compete in global financial markets and improve their mechanisms for cross-border transactions.”
In addition, he said, Fintech is also playing a vital role in developing money market products, sukuk and supporting financing infrastructure projects in Qatar.
Held under the patronage of the Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz al Thani, the conference entitled ‘Islamic Finance in a Transforming World’ saw participation of international government bodies and financial and academic institutions.
The minister noted that the conference was an opportunity to reflect on the promising progressive plans that continue to shape and enhance Qatar’s vision as a leading center for Islamic finance.
“Qatar has succeeded in progressing step by step to become one of the most competitive and prosperous economies in the world, especially with its success in laying strong foundations for a distinguished business environment conducive to attracting foreign investment. It also presented a wide range of reforms and incentives that ensure the establishment of businesses easily and conveniently, he said.
With the strategy of economic diversification and openness to unconventional industries, he said, Qatar’s financial sector in general and Islamic finance in particular remains one of the main pillars of the national economy.
Barwa Bank Group Chairman and Managing Director HE Sheikh Mohammed bin Hamad bin Jassim al Thani, who also addressed the forum, said the forum holds special significance for Qatar as it discusses modern trends of Islamic finance towards the sports sector and their compatibility with Sharia requirements at a time when the country is all set to host the first-ever Fifa World Cup in the Middle East region.
Doha
Qatar’s Islamic finance sector is one of the strongest in the world alongside Malaysia, Kuwait, Turkey, Indonesia and Pakistan, Minister of Commerce and Industry HE Ali bin Ahmed al Kuwari said on Tuesday.
Addressing the 6th Doha Islamic Finance Conference in Doha, Kuwari said that the Islamic finance sector in Qatar is currently witnessing an unprecedented prosperity that is evident from the fact that Islamic finance assets in the country grew at the compound annual growth rate (CAGR) of 8 percent since 2015 to reach $129 billion in the first half of 2019. This constitutes 33 percent of Qatar’s total financial system assets, he said.
The fact that established international financial institutions have ranked Qatar as the fifth largest Islamic finance market with banking assets amounting to more than $120 billion is yet another proof of country’s phenomenal growth in this particular sector, the minister said.
Highlighting financial technology (Fintech) as one of the major factors in the growth of Qatar’s Islamic finance sector, he said, “Islamic banks in Qatar are actively working to take advantage of this technology to develop and expand their activities and enhance their capabilities to compete in global financial markets and improve their mechanisms for cross-border transactions.”
In addition, he said, Fintech is also playing a vital role in developing money market products, sukuk and supporting financing infrastructure projects in Qatar.
Held under the patronage of the Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz al Thani, the conference entitled ‘Islamic Finance in a Transforming World’ saw participation of international government bodies and financial and academic institutions.
The minister noted that the conference was an opportunity to reflect on the promising progressive plans that continue to shape and enhance Qatar’s vision as a leading center for Islamic finance.
“Qatar has succeeded in progressing step by step to become one of the most competitive and prosperous economies in the world, especially with its success in laying strong foundations for a distinguished business environment conducive to attracting foreign investment. It also presented a wide range of reforms and incentives that ensure the establishment of businesses easily and conveniently, he said.
With the strategy of economic diversification and openness to unconventional industries, he said, Qatar’s financial sector in general and Islamic finance in particular remains one of the main pillars of the national economy.
Barwa Bank Group Chairman and Managing Director HE Sheikh Mohammed bin Hamad bin Jassim al Thani, who also addressed the forum, said the forum holds special significance for Qatar as it discusses modern trends of Islamic finance towards the sports sector and their compatibility with Sharia requirements at a time when the country is all set to host the first-ever Fifa World Cup in the Middle East region.
