8 Best Banks In Qatar

The best banks in Qatar play a crucial role in maintaining economic stability in the country. The list includes Qatar National Bank among others.

Qatar’s financial system is relatively modest compared to that of other nations, although it is expanding rapidly.

The Qatar Central Bank manages the country’s monetary system. In recent years, banks’ financial resilience has been affirmed by international rating agencies and the Qatar Stock Exchange.

The 3.5% rise in Qatar’s banking sector in July 2018 is indicative of a general uptick in economic activity in the nation.

In September of 2018, commercial bank assets increased by 4% to a total of QR1.4tn, as reported by the Central Bank of Qatar.

Moody’s recently raised Qatar’s banking sector outlook from negative to stable, and the rating agency predicted that the industry’s profitability would also stay unchanged.

Most financial institutions now have a healthy amount of faith in the nation’s banking system. Foreign exposure is the only real problem for Qatar’s banking system.

The Central Bank of Qatar is the country’s central bank and the monetary authority. By lending money to businesses working on Qatari projects, banks play a crucial role in the country’s economic growth.

The outlook for Qatar’s banking industry in 2019 is more optimistic now that the country’s economy has overcome its many challenges.

Banking in Qatar may sometimes be tricky. Do not hesitate to seek financial advice in Qatar.

If you want to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).

8 Best Banks In Qatar

1. Qatar National Bank

Overview

The Qatar National Bank was the first Qatari-owned commercial bank established in 1964. It is one of the largest and best banks in Qatar, and even in the whole Middle East and Africa area.

The Qatar National Bank is the largest bank in Qatar in terms of its total assets, loans, and deposits. In addition to this, it is the largest bank on both the African continent and the Middle Eastern continent combined.

The Qatar Central Bank serves as both the monetary authority and the regulatory body for Qatar’s banking and financial sector.

It is in charge of formulating and enforcing policies with the primary objectives of preserving economic equilibrium and preventing monetary disproportions, and it must carry out these responsibilities.

When it was created in 1964, QNB was the first commercial bank that was owned by local shareholders.

Today, the company employs close to 29,000 employees and has a nationwide network that includes more than 50 branches, 4,400 automated teller machines, and more than 1,100 locations overseas.

The market value of QNB shares as of the 23rd day of June 2022, when they were last traded on the Qatar Stock Exchange, was $50 billion.

Because of its consistent growth, the QNB Group is now Qatar’s largest bank and the largest financial institution operating throughout Africa and the Middle East.

In addition to its broad community assistance program, QNB is a proud sponsor of a variety of social, educational, and athletic events both locally and internationally.

The Group is working to accomplish its vision of becoming an important bank in the Middle East, Southeast Asia, and Africa, by developing its network of affiliated companies.

The Qatar National Bank Group continues to be regarded as the highest-ranked bank in Qatar by leading credit rating agencies, including Standard & Poor’s (A) and Moody’s (Aa3). In addition, QNB Group is classified as one of the highest-rated banks in the world.

In addition, the bank has been recognized favorably in a number of prominent international financial publications and has received a multitude of awards.

Banking Products and Services

QNB offers services such as brokerage services, investment banking, multi trading platform, multi-market, etc.

QNB is present in more than 31 countries across three continents thanks to its many subsidiaries and linked businesses.

Bank Assets

Qatar National Bank reported a net profit of QAR 13.8 billion for the year 2018, which is a 5% increase compared to the prior year over the same period of time during which the bank also reported the same amount.

The total assets of the bank at the end of December 2018 were QAR 862 billion, representing a 6% increase in comparison to the same time period in the prior year. 

The total assets of the bank in 2020 amounted to around QAR 956 billion (approximately USD 263 billion), which is an increase from the previous years.

In the year 2021, the total assets held by the bank came to 1.079 trillion Qatari Riyals, which was equivalent to around 296 billion US Dollars.

As a consequence of this, Qatar National Bank’s total assets saw a growth of around 12.8% during the years 2020 and 2021.

2. Qatar Islamic Bank

Overview

When it was founded in July of 1982, the Qatar Islamic Bank was the very first Islamic financial entity in the country. 

Since then, Qatar Islamic Bank has remained the country’s biggest Islamic financial institution. It was the first Islamic bank to be established in Qatar. 

The company was founded in 1982, and the following year, in 1983, it opened its first location. It is one of the best banks in Qatar.

Because it is an Islamic bank, it is required to adhere to the guidelines established by a Sharia Board. The bank is not allowed to charge interest on loans by the board of directors. 

Qatar Islamic Bank (QIB) is the country’s second-largest bank in terms of the value of its assets.

At the moment, it exercises influence over a portion of the Islamic banking industry equivalent to about forty percent.

The QIB Group is able to successfully manage its domestic operations thanks to a cutting-edge branch network that is spread out over the whole of Qatar.

The QIB Group has ownership stakes in a number of Qatari financial services companies that operate in accordance with Sharia principles.

This comprises its investment banking operation, which is known as QInvest, as well as its subsidiaries, Al Jazeera Finance (a consumer finance firm), and Beema (a supplier of Takaful Solutions).

During the year 2018, QIB was given two awards by new age banking: “Best Islamic Bank in Qatar” and “Excellence in Mobile Banking.”

Around one thousand individuals are employed by the company, which has a total of 22 local branches, 170 ATMs, and a number of other banking facilities. In addition to this, the company operates a subsidiary in the United Kingdom and a branch in the country of Sudan.

Banking Products and Services

The operations of QIB are carried out by means of a cutting-edge branch network and automated teller machines that are located all throughout Qatar. 

Affluent Banking Centers, Ladies’ Banking Centers, Small and Medium Enterprises (SME) Centers, and Private Banking Centers are some examples of the specialized centers that may be found inside key branches of a financial institution.

Relationship managers at each of these centers are primarily focused on providing services to certain types of customers.

Along with its network of branches, the bank has expanded its investments in digital channels. It now provides its services via multi-purpose ATMs, mobile and online banking apps for both people and companies, and a Call Center that has won awards for its performance.

The bank conducts its business through personal banking, corporate banking, group functions, and both domestic and foreign subsidiaries.

Bank Assets

It is responsible for 42.3% of the country’s Islamic banking industry and 11% of the overall market. At the close of 2018, the bank had a total asset value of 153.2 billion Qatari Riyals.

This bank’s total assets increased to $38.42 billion in the United States in the year 2016, which is around 10.08% greater than the previous year’s total assets.

In the same year, the net profit amounted to $579.87 million dollars in the United States. It has been stated that the return on assets for the same year was 1.51 percent.

As of the 31st of March 2022, the bank reportedly had 131 billion Qatari Rials in deposits and 193 billion Qatari Rials in total assets.

3. Masraf Al Rayan

Overview

Masraf Al Rayan, now regarded as one of the best banks in Qatar, was established in the year 2006. it has 98 automated teller machines and 17 physical locations spread across Qatar.

Royal Plaza, Doha Festival City, Gulf Mall, and Qatar Armed Forces are the four new venues where it has opened its doors for business. In addition to that, it has six locations around the United Kingdom.

During the fiscal year that came to a close on December 31, 2021, the financial institution reported total assets of QAR 174 billion, 107 billion in deposits from customers, 23.5 billion in equity for shareholders, and a net profit of QAR 1.7 billion.

The bank has an excellent credit rating of A1*, and entities affiliated with the government of Qatar possess more than 30 percent of its shares.

Al Khalij Commercial Bank “al khaliji” merged with Masraf Al Rayan in 2021. As a result, the bank will rank as the second-largest Shari’ah-compliant bank in Qatar and as one of the largest in the area with total assets of QAR 182 billion and a capital base of QAR 9.3 billion. This would place it in the position of being one of the largest in the region.

In addition to having five international offices spread throughout the United Kingdom, France, and the United Arab Emirates, Masraf Al Rayan operates 17 sites inside the state of Qatar.

Banking Products and Services

The following is a list of the primary functions that the bank does in its business:

• Retail Banking: Offers a variety of financial products and services including credit cards, loans, checking, savings, and time deposit accounts.
• Wholesale Banking: Trade finance, cash management, treasury, corporate finance, and financial consulting are some of the services that are provided.
• Private Banking: Offers services in the areas of wealth management, credit management, investment management, and asset management.

Bank Assets

Total assets for Masraf Al Rayan in 2019 were QAR 94.9 billion, or around USD 26 billion. Total assets for the bank in 2020 were QAR 97.7 billion, or about USD 26.8 billion. The bank’s total assets grew by 8.3 percent in 2020 and another 8.5 percent the following year, compared to 2019.

In 2021 Masraf Al Rayan saw a growth of almost 5.7% in its total assets compared to the previous year. It has total assets of QAR 102.9 billion, which equates to around USD 28.3 billion.

4. Commercial Bank Of Qatar

Overview

The Commercial Bank of Qatar (PSQC), which began operations in 1974 and now has total assets at 172 billion Qatari Riyals, is the fourth-largest among the best banks in Qatar. It’s headquarters can be found in Souq Najada. 

Through its wholesale and retail banking businesses, the company provides a comprehensive selection of monetary products and services.

It has received good credit ratings and has been awarded the title of “Best Bank in Qatar” by Global Finance in 2022. CBQ is responsible for over 2,300 full-time employees throughout the country in addition to managing around 30 locations and 173 ATMs.

On the eve of the Annual Meetings of the World Bank Group and the International Monetary Fund in 2018, Global Finance magazine awarded Commercial Bank the title of “Best Bank in Qatar.”

According to Brand Finance, Commercial Bank moved up 12 spots on the same list from the previous year, propelling it into the top 500 list of the world’s most valuable financial brands for 2018. The bank came in third place locally and 270th place internationally.

Commercial Bank was awarded the titles of “Best Cash Management Bank in Qatar 2017,” “Small and Medium-Sized Enterprise Bank of the Year in the Middle East 2017,” “Best Retail Bank in Qatar 2018,” and “Best Remittance Bank in the Middle East 2018” by the publication The Asian Banker.

The bank is dedicated to boosting Qatar’s social and communal infrastructure by means of corporate social responsibility programs and event sponsorship.

This commitment is a direct outcome of the bank’s CSR activities, which have been beneficial to the Qatari community.

The title sponsorship of the Commercial Bank Qatar Masters by the bank reflects the bank’s commitment to promoting the highest level of athletic achievement and its major interest in enhancing Qatar’s position as a sporting power on the world stage.

Banking Products and Services

Due to the fact that it provides services to individuals, businesses, the government, foreign clients, and investors, Commercial Bank has played a significant part in the growth of Qatar’s economy. 

Bank Assets

This financial institution ended the year 2016 with total assets of $35.82 billion in United States dollars, representing an increase of about 5.64% in comparison to the previous year.

In the same year, the net profit amounted to $137.74 million dollars in the United States. It has been claimed that there was a return of 0.38% on assets during the same year.

In 2018, the Group recorded a net profit of QAR 1663.2 Million, which represents a 175.5% increase over the net profit it declared in 2017 during the same time period.

As of the end of December in 2018, the total asset held by a bank was QAR 135.1 billion, representing a decline of 2.4%. The global finance organization presented the award for best bank to the financial institution.

5. Doha Bank

Overview

Doha Bank was first established in 1978, making its age around 45 years. The next year, in March of 1979, it began doing business. It is now one of the best banks in Qatar, and also one of the biggest commercial banks in the world. 

Doha Bank is Qatar’s fifth-largest commercial bank overall and the third-largest conventional bank when measured in terms of assets.

In honor of its various accomplishments, Doha Bank was given a number of accolades. Doha Bank was just just recognized by Asian banking and finance as the Bank of the Year for Qatar domestic trade financing. 

Doha Bank is one of the most prominent examples of Qatar’s commercial banking sector. 

It has a significant presence all over the world, including in India, China, Hong Kong, the United Kingdom, and other places. 

In addition to having representative offices in the United States of America, Australia, United Kingdom, South Korea, Canada, South Africa, Germany, Hong Kong, China, Japan, and Singapore.

It also has branches in Mumbai, Kuwait, Abu Dhabi, and Dubai.

Standard & Poor’s, Fitch, and Moody’s all give the bank very high marks for its creditworthiness.

If you are an expat living in Qatar, you may find using Doha Bank is one of the best ways to get your money out of Qatar.

Banking Products and Services

The bank offer its individual, commercial, corporate, and institutional customers domestic and international banking services.

It provides services in the areas of wholesale banking, retail banking, international banking, treasury, and investment banking.

Doha Bank offers those services via a retail network that includes 27 local branches, 8 online branches, and a total of 100 automated teller machines.

Doha Bank, one of the leading suppliers of financial services in Qatar, is committed to transforming the banking experience for the bank’s customers and clients.

Doha Bank provides its customers in Qatar and even in other countries with innovative and enhanced means of managing their financial affairs by using cutting-edge technology and tapping into the creative potential of its employees. Doha Bank clientele include individuals, organizations, enterprises, and institutions.

Customers of the company have the flexibility to do their banking and investment business whenever and whenever they see fit thanks to the organization’s extensive network and multiple access points.

Bank Assets

This financial institution ended the year 2016 with total assets of $24.83 billion in the United States, representing an increase of about 8.47% over the previous year’s total assets.

In the same year, the net profit amounted to $289.5 million dollars in United States currency. It has been stated that the return on assets then was 1.17 percent.

During the first half of 2018, Doha Bank recorded a net profit of QAR 470.7 million. This figure represents a decrease of 34.3% compared to the amount reported during the same time period in the prior year. 

The bank had a total asset of QAR 90,367 million as of the end of the third quarter of 2018, and their net profit after taxes for the quarter was QAR 737 million.

6. Dukhan Bank

Overview

In 2008, what is now known as Dukhan bank was previously established as Barwa Bank. It is one of the best banks in Qatar. In fact, it is the most recent Islamic financial institution to be established in the country.

It offers personal banking, corporate banking, business banking services, and private banking, in addition to personal banking and business banking goods and markets.

The General Retirement and Social Insurance Authority, the Military Pension Fund, and Qatar Holding LLC each hold 12.1 percent of the bank between them. Each of these three entities controls 20.4 percent of the bank.

Barwa manages 74 automated teller machines (ATMs) and nine locations around the State of Qatar from its headquarters in Doha.

In order to help its customers achieve their goals, Dukhan Bank offers an exceptional financial portfolio, which includes an app for mobile devices that has won several accolades and Islamic financing services that are the finest in their category.

The bank is continuing to strengthen its position as the “Bank of Choice,” and at the same time, it is making strides toward a comprehensive digital transformation that intends to redefine banking by offering customers with safe, simple, and hassle-free financial services.

Dukhan Bank is an important and forward-thinking financial institution that is well-equipped to satisfy the expectations of Qatar’s people as well as the demands of future generations. This institution is guided by the nation’s National Vision 2030.

Banking Products and Services

Dukhan Bank is the Shariah-compliant financial service provider in Qatar that is seeing the quickest growth. It is sanctioned by the Central Bank of Qatar, which is also responsible for its governance.

Dukhan Bank is a Shari’ah-compliant financial institution that provides a comprehensive suite of banking products and services.

These products and services include asset management, corporate and commercial banking, retail banking, structured finance, private banking, business banking, real estate financing, and investments. 

Bank Assets

In 2019, the total assets of Dukhan Bank were reported to be 57.1 billion (about USD 15.7 billion), and they climbed to QAR 59.3 billion (about USD 16.3 billion) in 2020, which represented a growth of around 2.2 billion QAR, or 3.9%.

The total assets held by Dukhan Bank went up to QAR 62.1 billion (about USD 17 billion) in 2021, which is an increase of roughly QAR 2.8 billion, or 4.7%, over the previous year’s value.

It would seem that Dukhan Bank’s total assets have been slowly growing over the previous three years, with the highest rise coming between the years 2020 and 2021.

7. Qatar International Islamic Bank

Overview

Qatar International Islamic Bank (QIIB), which was established in 1990 and now has total assets around QAR 65 billion, is one of the best banks in Qatar.

It provides customers with a broad variety of Sharia-compliant corporate and personal banking products and services via its countrywide network of 18 offices and 94 automated teller machines (ATMs).

On the Qatar Exchange, previously known as the Doha Securities market, shareholders may buy and sell their shares in the bank. Both Fitch and Moody’s have assigned a rating of A to QIIB as a long-term issuer rating.

Banking Products and Services

The Qatar International Islamic Bank QPSC, which has its headquarters in Qatar, is a financial institution that adheres to the Islamic Sharia Principles in its commercial banking, finance, and investing operations.

The structure is composed of it being divided into the following sections:

• Retail Banking which includes all deposits, financings, and other transactions and balances conducted with retail clients, as well as those conducted with Treasury and Investment. Manages the bank’s financing and the operations of the centralized risk management via the use of borrowings and debt issuance.
• Corporate Banking which includes deposits, financings, and other transactions and balances with corporate clients, as well as customers of government and semi-government entities, as well as consumers of small and medium firms.

Investing in Qatar International Islamic Bank may be a good idea, but you may want to check out other investment options for expats in Qatar.

Bank Assets

The total assets of Qatar International Islamic Bank in 2019 was QAR 51.3 billion. In 2020, it went up to QAR 57.1 billion which represents 11.27% increase in total assets. It went up higher with 23.85% increase in 2020 when it ended the year with QAR 63.5 billion in total assets.

8. Al Khalij Commercial Bank

Overview

Not just in Qatar, but also in the UAE, Al Khaliji is regarded as one of the most prestigious financial institutions. Doha is where the company’s headquarters can be found, although it also has locations in Sharjah, Abu Dhabi, Ras Al Khaima, and Dubai. 

It has offices in Sharjah, Dubai, Abu Dhabi, and Ras Al Khaimah in the United Arab Emirates, as well as four branches in the local area and one office in France.

In 2018, Al Khaliji introduced Qatar to the country’s first humanoid robots. The Qatari government and its various agencies make up the majority of the bank’s shareholders.

With a “A+” rating for long-term issuer default and a “F1” rating for short-term issuer default, Al Khaliji had a good Fitch Rating.

Access to resources all over the globe might be made easier as a result of Al Khaliji’s credit rating of A3 from Moody’s Investor Services, which comes with a stable outlook.

It is necessary to achieve one’s financial objectives in order to maintain success in any market.

At Al Khaliji, long-term sustainability is ensured by striking a balance between the drive to achieving outcomes and the commitment to fostering the growth of both individuals and the society as a whole.

Banking Products and Services

It offers services including retail banking, wholesale banking, treasury management, and central functions management. 

It is the next generation bank of Qatar, and it provides its premium, business, corporate, and international clients in Qatar, the United Arab Emirates, and France with a comprehensive selection of traditional banking products and services. 

Individuals, corporations, organizations, and even nations outside of Saudi Arabia may take use of Al Khalij Commercial Bank’s extensive selection of conventional financial products and services.

The products offered by Al Khaliji and the high quality of service represent the bank’s determination to be a prosperous financial institution.

As a result, it is necessary for it to meet the expectations of the present generation of its investors, customers, partners, and employees, as well as the generation that will come after them.

Bank Assets

This bank ended the year 2016 with total assets of $16.65 billion in the United States, which is about 7% greater than the previous year’s total assets.

During the same year, the net profit amounted to $117.19 million US dollars. In the same year, it was claimed that there was a return of 0.7% on assets.

A net profit of QAR 608 million was announced by the bank in 2018; during the same year, the bank’s outlook was revised from negative to stable. The bank’s annual profit is up 10.5% from the previous year, while the total value of the bank’s assets comes in at QAR 52,103 Million.

The bank recorded a total assets of QAR 63.2 billion in 2021.

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