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Qatar’s banking sector remains healthy, driven mainly by robust buffers, diligent QCB supervision and ample hydrocarbon liquidity. The Qatar Central Bank’s diligent policies have certainly helped to safeguard banking sector stability in the country in 2024. The QCB has broadly maintained the monetary policy in line with the US Federal Reserve, consistent with the currency peg to the dollar. Its progress in enhancing liquidity management is commendable, and continued efforts are important to further strengthen the effectiveness of the monetary operational framework. However, the International Monetary Fund (IMF) recently cautioned continued vigilance to address pockets of vulnerabilities. Maintaining the momentum in deepening domestic financial market is also crucial, guided by the Third Financial Sector Strategy. The strength, resilience, and high flexibility of Qatar’s banking sector has been reflected in its capital adequacy ratio, which according to the QCB, remains robust, reaching 19.9% at the end of September this year, compared to 19.2% in December 2023. Total assets of commercial banks in Qatar stood at QR2.007tn in October, according to data provided by QNB Financial Services (QNBFS). Total assets, however, declined by 0.9% during October mainly due to a decrease by 4.1% in foreign assets and by 9.5% in reserves. Total assets were up by 1.9% in 2024 (as of October), compared to a growth of 3.4% in 2023. Assets grew by an average 6.8% over the past five years (2019-2023). Liquid assets to total assets moved lower to 29.3% in October, compared to 30.3% in September, QNBFS noted. Qatar’s Islamic banking assets accounted for nearly 29% of total banking assets as of September this year, which is equivalent to QR576bn, according to the QCB. In 2024, the QCB achieved many milestones by launching a plethora of strategies in alignment with the Third National Development Strategy and the Qatar National Vision 2030. The Third strategy for financial sector will augment Qatar’s economy and financial institutions, in addition to reinvigorating the role of financial sector to offer solutions that protect investors and help their growth. In addition, the QCB launched the fintech strategy that gives priority to innovation in financial services to keep up with technological advancements and expand the utilisation of artificial intelligence (AI), thereby shaping a more advanced future for financial sector that is capable of converting challenges into opportunities for growth and prosperity. An array of initiatives and projects have been launched to modernise and enhance the financial sector, along with a series of instructions that would bolster its capability to adapt to potential evolutions, such as digital banking instructions, AI tips, distributed ledger technology, digital insurance company regulation, cloud computing, electronic Know Your Customer (KYC) regulations, regulations for ‘Buy Now, Pay Later’, regulations for loan-based crowdfunding and for insurance policy comparison websites. The year has also seen the launch of several other QCB projects and initiatives, including the central bank’s digital currency project and the accelerated regulatory sandbox. Qatari banks continue to set themselves apart through groundbreaking innovation in product offerings, advancements in supply chain logistics, and cutting-edge trade finance and transactional banking solutions. Their strategic focus on emerging digital assets, voice-enabled services, augmented reality, and blockchain technology is redefining industry benchmarks and spearheading the financial sector’s digital transformation. The diversification of portfolios to include green bonds and sukuk has garnered significant interest from both domestic and international investors, underscoring Qatar’s unwavering commitment to sustainability and regulatory excellence. This strategic emphasis not only strengthens market confidence but also positions the country as a leader in green finance. Enhanced governance, risk management, and compliance frameworks reflect a progressive shift from basic regulatory adherence to proactive, impactful implementation. By prioritising asset quality and maintaining robust liquidity, Qatari banks are consistently exceeding regulatory expectations. Moreover, the introduction of new regulations in open banking and micro-financing is catalysing growth in these emerging sectors, driving innovation and strategic execution. Amidst a global talent shortage, Qatari banks are successfully attracting mainly local expertise and making significant investments in nurturing homegrown talent. These efforts are pivotal to sustaining long-term growth and aligning with national development goals. Qatar’s banking sector continues to lead by integrating advanced technologies, delivering exceptional financial performance, and aligning closely with national strategic priorities. While tackling challenges such as fluctuating interest rates, evolving customer demands, and asset liquidations, the sector remains a beacon of stability and growth, reinforcing its reputation as one of the most resilient and promising financial landscapes in the region. As is the case globally, Qatar’s banking sector is also navigating emerging challenges, driven by the rapid advancement of financial technology and the transition to a knowledge-based digital economy. In this evolving landscape, the establishment of proactive regulatory and supervisory frameworks is essential to safeguard stability, foster innovation, and ensure sustainable sector growth. Related Story Sony Middle East and Africa, Fnac Qatar host workshop series for content creators Ministry of Social Development and Family celebrates Qatar National Day
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