Qatar’s Islamic Finance Sector Shows Strong Growth Across Key Segments

Doha – Qatar: Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, and London Stock Exchange Group (LSEG), one of the world’s leading providers of financial markets infrastructure, data, analytics, indices, and news, jointly hosted the QFC Islamic Finance Forum themed “Enabling Transformation”. Bringing together industry leaders and policy experts, the forum featured high-level discussions on strategies for modernising Islamic finance and shaping its future across banking, capital markets, and fintech.

A central highlight of the forum was the launch of the Qatar Islamic Finance Report 2025: Expanding Horizons, developed in collaboration with LSEG. The report maps key developments in Qatar’s Islamic finance sector over the past five years, with insights on market trends, regulatory progress, and alignment with the Qatar Financial Sector Strategic Plan.

Key findings included:

  • Islamic finance assets: The value reached QAR 694 billion by the end of 2024, with Islamic banking and Sukuk making up 97% of the total. 
  • Islamic banking surge: Assets hit QAR 586 billion in 2024, growing at a 6.8% CAGR since 2020, outperforming conventional banks. 
  • Sukuk market expansion: Sukuk issuance by Qatari entities more than tripled from QAR 9.2 billion in 2020 to QAR 30.4 billion in 2024. 
  • Takaful sector growth: Gross written contributions rose to USD 1.9 billion in 2024, with market share nearly doubling from 6% to 11% between 2020 and 2024. 
  • FinTech momentum: Islamic FinTech transaction volumes tripled to nearly QAR 10 billion in 2024, with a projected CAGR of 10% through 2028. 
  • Global recognition: Qatar ranked 8th in the 2024 Global Islamic FinTech (GIFT) Index. 

Also unveiled was the QFC Sukuk Guide, which provides a concise overview of Qatar’s Sukuk market since 2005. It also outlines common Sukuk structures and explains the legal and regulatory frameworks relevant to issuers under the QFC platform.

Commenting on hosting the event, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: "This forum represents our commitment to facilitating knowledge exchange and policy dialogue in Islamic finance. Through our collaboration with LSEG on the Qatar Islamic Finance Report 2025, we aim to support stakeholders with the insights and tools needed to tap into the growing opportunities within Qatar’s dynamic financial sector.”

The forum welcomed guests from leading organisations in Qatar and the wider financial services community.

ABOUT THE QATAR FINANCIAL CENTRE
The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. The QFC welcomes a broad range of financial and non-financial services firms.

ABOUT London Stock Exchange (LSEG)

LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.

With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes. 

LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific.