Qatari Islamic finance assets up 20% to QR629bn in 2021 – The Peninsula

Qatari Islamic finance assets up 20% to QR629bn in 2021 – The Peninsula

Doha: Islamic finance assets in Qatar grew by 20 percent to QR629bn ($172bn) in 2021, with Islamic banks accounting for 87 percent of these assets, followed by Islamic Sukuk (11.6 percent), Takaful insurance companies (0.8 percent), and the remaining share distributed to investment funds and other Islamic financial institutions, according to the Islamic Finance Report 2021.

Bait Al Mashura Financial Consulting Company released its fifth annual report on Islamic finance in Qatar, which discusses the results of the activities of Islamic financial institutions for the year 2021.

The report noted that the rise in Islamic finance assets in Qatar last year was mainly a result of the increase in the size of Islamic banks’ assets after the successful merger between Masraf Al Rayan and Al Khaliji.

In the Islamic banking sector, the assets of Qatari Islamic banks grew by 12.6 percent to QR507.4bn. Deposits with Islamic banks jumped by 17.5 percent; the private sector deposits represented 54 percent and financings increased by 8.7 percent, directed more towards the government sectors, real estate, and personal finance. Revenues of Islamic banks also rose by 2.6 percent, with profits amounting to approximately QR7.5bn, with a growth rate of 10.7 percent.

In the Takaful insurance sector, the assets