Assets and revenues at Qatar's Islamic banks have grown over the past year despite the impact of the diplomatic rift in the Gulf region, according to data from the Islamic Financial Services Board.
Qatar has been under a diplomatic and commercial boycott since June last year, when Saudi Arabia, the UAE, Bahrain and Egypt cut diplomatic and transport ties. Qatar Islamic Bank, Masraf Al Rayan, Qatar International Islamic Bank and Barwa Bank held a combined QR358.6bn ($96bn) in assets in the first quarter of this year, an 8.8% increase from a year earlier.
Most of that increase was due to their holdings of Islamic bonds, which stood at QR65.1bn in the first quarter, a 37.7% rise from a year ago, Reuters reported. The Malaysia-based IFSB, which sets the standards for Islamic finance, published the data on Qatar for the first time as part of its quarterly reporting on the industry. The banks reported a combined QR3.9bn in revenues in the first quarter, an 18.6 % increase. Capital adequacy and profitability measures were mostly unchanged, but foreign exchange financing decreased by 7%, IFSB data showed.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Qatar Islamic banks looking at overseas expansion: Fitch
Fitch affirms QIIB rating at ‘A’ with a stable outlook
QIB 9-month net profit jumps 11% to QR2.22bn
Unlocking aviation’s economic value vital for global prosperity
ME banks must comply with AML/CFT legislation, says Doha Bank CEO
Race for Commerzbank’s polish unit attracts foreign interest
GM and UAW union reach tentative deal to end strike
Tata looks for Jaguar Land Rover partners, but rules out unit’s sale