Islamic finance assets in Qatar grew 20% to QR629bn

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Islamic finance assets in Qatar grew 20% in 2021, reaching QR629bn, researcher Bait Al Mashura has said.

Islamic banks accounted for 87% of these assets while Islamic sukuk accounted for 11.6%, takaful insurance companies 0.8%, and the remaining share is distributed between investment funds and other Islamic financial institutions, Bait Al Mashura said in its ‘Islamic Finance Report 2021’ released.

The rise in Islamic finance assets in Qatar in 2021 was mainly a result of the increase in the size of Islamic banks’ assets after the successful merger between Masraf Al Rayan and Al Khaleej Commercial Bank, Bait Al Mashura said.

In the Islamic banking sector, the assets of Islamic banks grew in 2021 by 12.6% to reach QR507.4bn, deposits with Islamic banks jumped by 17.5%, the private sector deposits represented 54%, and financings increased by 8.7%, directed more towards the government sectors and real estate, followed by personal finance.

The revenues of Islamic banks increased by 2.6%, and their profits amounted to approximately QR7.5bn with a growth rate of 10.7%. In the takaful insurance sector, the assets of insurance policyholders amounted to QR2.3bn with a growth rate of 4.4%, and insurance contributions amounted to QR1.4bn, an increase of 7.4%, and insurance surpluses amounted to about QR113mn.—Gulf News

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