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Barwa Bank-ibq merger boosts Islamic finance, says QCB chief

Barwa Bank-ibq merger boosts Islamic finance, says QCB chief

Tribune News Network
Doha
The first banking merger in Qatar between Barwa Bank and International Bank of Qatar (ibq) in 2019 gave a boost to Islamic finance in the country, Qatar Central Bank (QCB) Governor Sheikh Abdullah bin Saud Al Thani has said.
In his foreword to the Islamic Finance in Qatar Report 2019 published by Bait Al Mashura Finance Consultations, the QCB governor said, “Thanks to this merger, Islamic banks achieved high growth rates during the year. The past year also witnessed success for Islamic banks in Qatar at the international level, represented in the successful listing of their Sukuk on the global stock exchanges. This reflected the level of confidence in the Qatari economy and Islamic banking.”
The banking system in Qatar has maintained its stability and growth, thanks to the adoption of regulatory standards aimed at strengthening the banking sector and ensuring its ability to absorb shocks, he said.
“Despite the events that occurred in the past year which affected global growth, the financial and banking sector in Qatar is still healthy, safe and robust, and it has achieved positive growth rates,” the QCB governor said.
“Digitalisation, financial innovation and their rapid developments that we are witnessing nowadays may reshape the banking scene in the world,” he said.
The QCB governor said, “In this context, preparations are being made to launch the Financial Technology Strategy and ‘Sandbox’. In addition, financial and banking institutions shall direct their efforts towards developing the services and products they provide to customers and adopting the latest technologies.”