Doha, Qatar: Bait Al-Mashura released its seventh annual report on Islamic Finance in Qatar. The report discusses the outcome of Islamic finance institutions in 2023, presenting a vivid picture of the performance of the Islamic finance institutions as well as the state of financial and economic sectors in Qatar.

Prof. Dr. Khalid bin Ibrahim Al Sulaiti, the vice chairman of Bait Al-Mashura, indicated that the report on “Islamic Finance in Qatar”, which reviews the performance of Islamic finance institutions in Qatar, including Islamic banks, Takaful insurance companies, and Islamic finance and investment companies. It also reviews Islamic financial products, including investment funds, sukuk, and the movement of the Islamic financial market.Besides a general analysis of the performance of Qatari economy.

He also expressed additionally that the Islamic Finance has several promising prospects for the growth that are underlying in its continuous expansion, and accelerated development in terms of environment and penetration of new ecosystems. Alongside the development, an urgent need rises that requires to follow the velocity and fathom these movements in order to draw a clear image of the past and present of the Islamic Finance. The foregoing shall enable prediction of future of Islamic finance and guide its direction to align to its objectives aimed at development and social sustainability.

The Islamic finance in Qatar report revealed that the Islamic finance assets in Qatar grew by 3.3%, reaching QR656bn ($180bn), of which Islamic banks represented 87.6 % of such assets, while Islamic Sukuk accounted for 11.1%.

In the Islamic banking sector, the assets of Islamic banks grew by 3.6% in 2023, reaching QR563.7bn, deposits declined by (1.4%), valued QR313.4bn, private sector deposits represented 59%, financing recorded marginal increase by 0.6% valued QR382.7bn, overweighting real estate and governmental sectors, and followed by personal finance, where revenues increased by 30.6% and amounted to QR30.3bn, and its profits reached approximately QR8.2bn with a growth rate of 7.1%.

In Takaful insurance sector (save General Takaful), the assets of Takaful insurance companies reached approximately QR4.2bn, with a decrease of (5.9%), policyholders’ assets valued approximately QR2.2bn, with a decline of (3.6%).

Insurance subscriptions exceeded QR1.4bn, an increase of 8.8%. The business of Takaful insurance companies varied between achieving insurance surpluses and an insurance deficit.

In Islamic finance companies, the assets of these companies reached QR2.5bn, recording marginal increase by 0.8%. Financing provided by these companies increased by 4.8% valued QR1.8bn, and revenues reached QR241.8bn with an increasing rate of 7.7%.

In Islamic investment companies, the assets of the two Islamic investment companies grew by 2.7%, valued QR522.3m, and their revenues valued QR41.4m, recording a decrease of (33.5%), and their profits reached QR5.9m.

In Islamic Sukuk, Issued Islamic Sukuk increased by 86.6%, as Islamic banks issued Sukuk during 2023 valued QR4.2bn. QCB issued Sukuk valued QR7.7bn during the year.

In Islamic investment funds, the assets of such funds exceeded QR942m, increasing marginally by 4.1%, and their performance varied during the year. In Qatar Stock Exchange (QSE), the Al Rayan Islamic index closing priced increased by 3.76%, and the performance of the shares of listed Islamic finance companies varied between an increase of 29% and a decrease of (16%).

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