Qatari Islamic banks are ranked among the largest Islamic banks in the world and Qatar is one of the largest markets for Islamic finance in the world, said Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari, while addressing the 7th Doha Islamic Finance Conference.
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 inaugurated the 7th Doha Islamic Finance Conference. The conference is being organized by Bait Al Mashura Finance Consultations Company with the strategic partner and exclusive sponsor Dukhan Bank on zoom platform.
Delivering the opening speech, Minister Al Kuwari stressed the importance of the conference, as its current edition sheds light on the prospects for sustainable economic growth in light of the major transformations that the world is witnessing, following the outbreak of the COVID-19 virus. The current circumstances require every country to work as a single international community to address common challenges in all areas, especially the economic one
Stating that Qatar is one of the largest markets for Islamic finance in the world, the Minister of Commerce and Industry said the volume of assets of local Islamic banks amounted to QR415.8bn at the end of 2019, compared to about QR350bn in 2018.
He added that Qatari Islamic banks showed a strong performance and high growth rates in their profits in 2019, indicating that their revenues reached QR18.6bn, 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.
The Minister attributed this remarkable growth to the pioneering legislative and regulatory environment of Qatar’s Islamic finance sector, especially in light of its keenness to developing this important division, so as to help finance areas that support the national economy.
The Minister said that 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.
Minister Al Kuwari added that the State was keen, as part of its strategy, to establish an advanced and integrated infrastructure for digital technology across all its sectors, including the financial one.
On initiatives aimed at consolidating Qatar’s position as an ideal investment destination at the regional and global levels, the Minister spoke of the Single Window Platform launched by the Ministry of Commerce and Industry. He also referred to the draft decision to establish the Artificial Intelligence Committee in Qatar. The Artificial Intelligence Committee shall handle developing mechanisms to follow up and implement Qatar’s artificial intelligence strategy, oversee programs and initiatives related to this field, as well as support emerging companies specializing in artificial intelligence and scientific research.
The virtual conference, titled ‘Digital Economy and Sustainable Development’, will go on until April 1.
Minister of Religious and Worship Affairs of the Republic of Mali H E
Dr. Mohamadou Kone expressed his gratitude to participate in such conference, stressing the distinction of Islamic finance and its effects on the individual and society in achieving social justice. He explained that Islamic finance seeks to maximize collective benefits, be compatible with Shari’ah laws, and protect humanity from injustice.
Chairman & Managing Director of Dukhan Bank, Sheikh Mohammed bin Hamad bin Jassim Al Thani, said: Qatar is one of the first countries to get into the experience of Islamic finance since the early 80s and it has continued to grow over the past years to become the fifth largest market for Islamic finance in the world, with assets worth $144bn that Islamic banking assets constitute 26 percent of the total banking assets in Qatar.