| 04 Oct 2008 |
|
Qatar: Personal loans account for largest component of credit
- Text size
DOHA - Personal loans accounted for the biggest share of credit facilities in the country, amounting to QR50bn. This was followed by the public sector with QR37bn, real estate (QR23bn), general trade (QR18.2bn), services (QR17.7bn), contracting (QR10bn), the industrial sector (QR4.5bn), other sectors (QR4.5bn) and credits outside Qatar (QR15.5bn), according to a Qatar Central Bank report.
Personal loans have risen down the years as banks have opened the tap in order to extend credit, particularly in the form of personal loans and car loans. The amount given out as loans for car purchases has risen markedly due to the demand for vehicles as the city further spreads itself out.
The volume of credit facilities extended by banks operating in Qatar is expected to increase this year by between QR80bn and QR85bn, according to financial experts. This would represent a QR30bn rise over the previous year.
The total bank credit facilities in Qatar reached QR160bn at the end of 2007 and are expected to increase by QR20bn every three months this year due to growing demand for personal loans as well as real estate credits and commercial financing.
© The Peninsula 2008
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
More News in Financial Services
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.