Qatar spurs global Islamic banking growth


Minister of Finance Ali Shareef Al Emadi said that Qatar’s Islamic Banks is the third largest contributor to global growth in Islamic banking, with Qatari Islamic banking and finance accounting for about 25% of the country’s banking sector. Addressing the 4th Doha Islamic Finance Conference recently, the Minister of Finance said that the State of Qatar has demonstrated its ability to continue in this field and to fulfill all its commitments with other countries. The Minister called for continued growth in the Islamic finance sector through concerted efforts to confront financial risks and increasing the efficiency of Islamic financial services in order to ensure growth and expansion of Shariah-compliant financial transactions, and contribute to building a diversified knowledge-based economy. Minister Ali Shareef Al Emadi said that the conference provides an opportunity to meet with local and international partners to discuss further cooperation and coordination in the field of Islamic banking, which has achieved strong growth rates around the world. Many countries around the world have turned to Islamic finance to diversify their financial services, strengthen working relationships with their important partners to increase capital inflows, and reduce risk through expansion of less volatile banking systems. In this regard, the Minister noted that the data from the International Monetary Fund show the growth of the assets of Islamic banks from 200 billion dollars in 2003 to 1.9 trillion dollars in 2016, adding that the latest estimates reveal that Islamic finance accounts for 50% of banking services in the GCC, Where most GCC citizens prefer Sharia-compliant banking services. The Minister said that Doha Islamic Finance Conference comes amid expectations that Islamic banking will achieve significant growth rates in the coming period, while the conference also coincides with important developments both on the level of the global financial system or the expectations of the global economy growth, leading to the emergence of multiple challenges to the process of expansion in Islamic banking, the most important of which is the provision of diversified Sharia’a compliant banking systems and products to meet the current and future needs of societies. This requires the promotion of innovation in Islamic finance to help hundreds of millions of customers around the world access high quality, affordable, Sharia’a compliant banking services.—QNA

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