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Banks and Financial System

03 Sep, 2020
Topic: Business and Finance
Intended Audience
Visitor: Student, Tourist, Business Owner
Citizen: Parent, Business Owner, Employee
Resident: Parent, Employee

Banks and Financial System

Qatar enjoys a strong and robust banking and financial system. Banks play a vital role in supporting economic development through loans and financial services to companies involved in major Qatari projects.

Qatar Central Bank

Qatar Central Bank is the bank of government and the monetary authority of Qatar’s banking and financial system, mandated to formulate and implement policies that achieve objectives that are primarily concerned with the stability of the economy and the avoidance of financial imbalances.

To this end, the QCB takes steps towards maintaining:

  • Stability of the Riyal exchange rate and its capability of being exchanged for other currencies
  • Stability of commodities and services prices
  • Financial and banking stability
  • Other macroeconomic and development objectives

You can find more details on how QCB achieves its objectives on the Bank’s website.

Commercial Banks

Consumers and businesses have a wide choice of local and international banks to serve their everyday needs. Qatar’s banks provide a comprehensive range of services that include current and savings accounts, loans, credit cards, overdrafts, payment processing, bank drafts and checking and safety deposit boxes, insurance contracts, investment advice and so on. In addition to these traditional functions, Qatar’s banks offer innovative electronic banking services that are among the most advanced in the world, including an extensive ATM network that facilitates utility bill payments, full service internet and mobile banking, contactless payment by mobile and numerous merchant electronic payment technologies, to name but a few.

Bank Name Phone Number
Ahli Bank QSC 8002222 +974 44232222
Arab Bank +974 44387878
Bank Saderat Iran +974 44414646 +974 44430344 +974 44430345
BNP Paribas +974 44537537
Commercial Bank +974 44490000
Doha Bank +974 44456000
HSBC +974 44424722
IBQ +974 44478000
Al Khaliji Bank +974 44940000
Mashreq +974 44083333
Qatar Development Bank +974 44300000
QNB +974 44407777
Standard Chartered Bank +974 44248 601
United Bank Limited +974 44254444

Islamic Banks

Islamic banking is based on the principles of the Shari'ah (Islamic rulings) and its practical application through the development of Islamic economics. The principles, which emphasise moral and ethical values in all dealings, have wide universal appeal.

In 2011 the QCB announced that conventional banks would no longer be allowed to run Islamic windows, sections of banks that operate according to Shari’ah principles and that Islamic banking services could only be offered by separate, dedicated institutions. This prompted the closure of several conventional banks’ Islamic banking operations in Qatar, leaving four Sharia-compliant banks in the market having combined assets equivalent to one third of those held by the conventional banks.

Bank Name Phone Number
Dukhan Bank +974 44488888
Masraf Al Rayan +974 44253333
QIB +974 44448444
QIIB +974 44625666

Qatar Stock Exchange

Qatar Stock Exchange (QSE), formerly the Doha Securities market, was founded in 1997 and is a full member of the World Federation of Exchanges. The market lists and facilitates share trading on locally based companies. In June 2014 the QSE was upgraded to emerging market status on the MSCI World Index, bringing it in line with exchanges in countries such as Brazil, Russia, India, China and Turkey.