Qatar provides wide opportunities for global fintech companies; Minister

Qatar provides wide opportunities for global fintech companies; Minister

Qatar’s Minister of Commerce and Industry, HE Sheikh Mohamed bin Hamad bin Qassim al-Thani has stated that the country offers great opportunities for international fintech firms, especially in light of the projected expenditures allocated for information and communications technology, which could reach $9 billion by 2024.

“The Islamic fintech market in Qatar was estimated at $850 million in 2020, and is expected to grow to $2 billion in 2025,” the minister said at the 8th Doha Islamic Finance Conference, entitled ‘Digital FinTech and Decentralization’. The event was organized by Qatar-based Islamic financial advisory company, Bait Al-Mashura Financial Consulting Company.

HE Sheikh Mohamed highlighted Qatar’s developing Islamic finance process and ongoing efforts to strengthen it. “The Qatar FinTech Hub ranked as the second-largest investor in the FinTech sector in the Middle East and North Africa (MENA) region in the first quarter of 2021, hence consolidating Qatar’s position as a financial innovation hub, regionally and globally,” the minister said

Further, the minister noted that the assets of Islamic finance in Qatar had amounted to about $145 billion (QR528 billion), of which the assets of Islamic banks accounted for about 86 percent

“The Islamic banking sector today represents a key pillar of the financial sector in Qatar,”