Overview of Banks in Qatar
The Qatar Central Bank licenses and regulates 18 banks in Qatar, as of January 2021. Local banks dominate Qatar’s banking sector and these banks have very high credit ratings, with Moody’s rating them Aa3 to A1.
Although the increasing foreign exposure of Qatar’s banks is a growing challenge for authorities, Qatar’s banking sector has maintained its stability and efficiency through the years.
Below is a list of the top 10 banks in Qatar. Learn about their history, operations, and size so you can plan your banking career path as we profile the top banks in Qatar.
The Top Banks in Qatar are:
Qatar National Bank (QNB)
Qatar National Bank (QNB) is the largest of the commercial banks in Qatar. It is headquartered in Doha, Qatar’s capital city. The first domestically owned commercial bank in Qatar, QNB was founded in 1964, growing into not just the biggest in Qatar but also the largest financial institution in the Middle East.
QNB owns and operates subsidiaries in 31 countries. The bank is jointly owned by the Qatar Investment Authority and members of the public, each of which has a 50% ownership interest. It operates a network of 1,045 branches and 4,391 ATMs, with approximately 30,000 employees.
Net income: QAR 12.0 billion (2020)
Total assets: QAR 1.042 trillion (3/2021)
Qatar Islamic Bank
Qatar Islamic Bank (QIB) is the largest of Islamic banks in Qatar. QIB was established in 1982 with paid-up capital of QAR 25 million and opened its first branch in 1983 as Qatar’s first Islamic financial institution.
Since it is an Islamic financial Institution, all products and services offered by the bank are supervised by a Sharia Board. The Sharia Board ensures that the bank adheres to Islamic banking principles. For example, Islamic banking rules forbid usurious lending (i.e., charging interest on loans).
The company operates 29 branches in Qatar and a branch in Sudan. Qatar Islamic Bank (Q.P.S.C.) was founded in 1982 and is headquartered in Doha, Qatar.
Net income: QAR 3.06 billion (2020)
Total assets: QAR 180.2 billion (3/2021)
Commercial Bank of Qatar
The Commercial Bank of Qatar is the largest of the private banks in Qatar. It was set up by a Qatari businessman, Hussain Alfardan. Alfardan previously worked for Standard Chartered (then called Eastern Bank Limited) and saw the need for a private commercial bank in Qatar.
The Commercial Bank of Qatar was established in 1975 as the first private bank in the country. The bank started operations on April 10, 1975, out of a small two-story building in what is now Souq Najada. The company operates a network of 28 full-service branches and 172 ATMs. It was incorporated in 1974 and is based in Doha, Qatar.
Net income: QAR 1.30 billion (2020)
Total assets: QAR 163.08 billion (3/2021)
Masraf Al Rayan is the second-largest Islamic bank in Qatar. Incorporated in 2006, the bank operates 12 branches situated across Qatar. It is licensed by the Qatar Central Bank and is listed on the Qatar Stock Exchange.
Al Rayan is primarily composed of three divisions: Al Rayan Retail Banking, Al Rayan Wholesale Banking, and Al Rayan Private Banking. It operates through 17 branches in Qatar.
Net income: QAR 2.18 billion (2020)
Total assets: QAR 125.5 billion (3/2021)
Doha Bank is one of the largest commercial banks in Qatar. Incorporated in 1979, the bank started its operations in March 1979. It primarily comprises four divisions: Wholesale Banking, Retail Banking, International Banking, and Treasury and Investments.
The bank also operates branches in Kuwait, UAE, and India, as well as representative offices in China, Japan, Singapore, Hong Kong, the United Kingdom, Canada, and Germany. The company operates 23 branches in Qatar.
Net income: QAR 703.0 million (2020)
Total assets: QAR 112.15 billion (3/2021)
Al Khaliji Commercial Bank
Al Khaliji Commercial Bank operates out of Doha, with a strong presence not just in Qatar but also in the UAE, including offices in Abu Dhabi, Dubai, Sharjah, and Ras Al Khaima. Al Khaliji also maintains an office in Paris, France.
Al Khaliji primarily consists of four divisions: Wholesale Banking, Retail Banking, Treasury Management, and Central Functions Management. It operates 9 branches and 40 ATMs, and was founded in 2007 and is headquartered in Lusail, Qatar.
Net income: QAR 682.97 million (2020)
Total assets: QAR 58.89 billion (3/2021)
Dukhan Bank, (formerly Barwa Bank) is the youngest Islamic Bank in Qatar. It is licensed and regulated by the Qatar Central Bank.
As with other Islamic banks, all services provided by Barwa Bank are Sharia-compliant (i.e., they follow Islamic Banking rules and regulations). It offers retail banking, corporate and commercial banking, business banking, private banking, real estate financing, and asset management services.
Net income: QAR 566.6 million (2020)
Total assets: QAR 86.30 billion (2020)
Qatar International Islamic Bank
Qatar International Islamic Bank (QIIB) is a privately owned Islamic Bank. QIIB was established in 1990 and is licensed and regulated by the Qatar Central Bank. As with other Islamic Banks on this list, all the services QIIB provides are Sharia-compliant. It operates through a network of 19 branches in Qatar and is headquartered in Doha.
Net income: QAR 937.7 million (2020)
Total assets: QAR 62.3 billion (3/2021)
Investment Banking Careers
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This has been CFI’s guide to the top 10 banks in Qatar. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: