Islamic finance assets in Qatar grew 20% to QR629bn in 2021: Bait Al Mashura
June 25 2022 06:38 PM
RELATED STORIES
Dr. Khalid bin Ibrahim al-Sulaiti
Dr. Khalid bin Ibrahim al-Sulaiti

 
Islamic finance assets in Qatar grew 20% in 2021, reaching QR629bn, researcher Bait Al Mashura has said.
Islamic banks accounted for 87% of these assets while Islamic sukuk accounted for 11.6%, takaful insurance companies 0.8%, and the remaining share is distributed between investment funds and other Islamic financial institutions, Bait Al Mashura said in its 'Islamic Finance Report 2021' released Saturday.
The rise in Islamic finance assets in Qatar in 2021 was mainly a result of the increase in the size of Islamic banks’ assets after the successful merger between Masraf Al Rayan and Al Khaleej Commercial Bank, Bait Al Mashura said.


In the Islamic banking sector, the assets of Islamic banks grew in 2021 by 12.6% to reach QR507.4bn, deposits with Islamic banks jumped by 17.5%, the private sector deposits represented 54%, and financings increased by 8.7%, directed more towards the government sectors and real estate, followed by personal finance. The revenues of Islamic banks increased by 2.6%, and their profits amounted to approximately QR7.5bn with a growth rate of 10.7%.
In the takaful insurance sector, the assets of insurance policyholders amounted to QR2.3bn with a growth rate of 4.4%, and insurance contributions amounted to QR1.4bn, an increase of 7.4%, and insurance surpluses amounted to about QR113mn.
In Islamic finance companies, their assets amounted to QR2.5bn, declining by 3.6%, while their finance decreased by (8%), and their revenues amounted to QR220mn, a decrease of (9.2%).
In Islamic sukuk (with the resumption of the Qatar Central Bank issuing government sukuk), the issued sukuk (government and Islamic bank sukuk) amounted to QR10.38bn, with a growth rate of 30.2%, of which government sukuk constituted 73.7% of the total issued sukuk.
According to the available data on Islamic investment funds, the assets of these funds amounted to QR862mn with a growth rate of 5.8%, and their performance was uneven during 2021.
On the Qatar Stock Exchange, Al Rayan Islamic Index achieved a positive performance, closing at a rise of 10.48%, and the shares of all Islamic finance companies achieved a positive performance, and their shares rose during the year 2021 by rates ranging between (1.8% - 89.7%).
Dr. Khalid bin Ibrahim al-Sulaiti, vice-chairman of the Board of Directors of Bait Al-Mashura Finance Consultations said, “Islamic Finance Report in Qatar” monitors the performance of Islamic financial institutions in Qatar, including Islamic banks, takaful insurance companies, and Islamic finance and investment companies.
Moreover, the report views the performance of Islamic financial products represented in investment funds and Islamic sukuk and tracks the movement of the Islamic financial market.
“We, at Bait Al-Mashura are proud to be an active member in the process of Islamic finance in Qatar and the world, which is witnessing a remarkable increase in demand for its services and products. We are keen to provide knowledge and professional support to the Islamic financial industry to serve our local community, and all researchers and those interested in the Islamic finance sector in Qatar.”
Al-Sulaiti stressed that the success of the institutional performance is preceded by belief in the idea and sacrifice for its realisation, and Islamic finance emerged as a corrective and developmental idea that addresses the issue of money and its development within the framework of a good Shariah environment that achieves the purposes and objectives.
“Therefore, it was incumbent upon all Islamic finance institutions, workers and researchers not to omit the teleological purposes of the great idea to achieve the development and well-being of the individual and society,” al-Sulaiti noted.



There are no comments.

LEAVE A COMMENT Your email address will not be published. Required fields are marked*
MORE NEWS

HAPPENING IN DOHAMore