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LEAVE A COMMENT Your email address will not be published.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*
Turkey’s central bank tightens stance on weak lira
EU should build autos in US to avoid tariffs: Trump
Weak factory output dents hopes for global economic recovery
Swedbank backs CEO as investors question money-laundering report
Russia central bank holds key interest rate at 7.75%, says cuts possible in 2019
Worries about economic growth prospects hit Europe markets
Japan consumer inflation slows in Feb
Indonesia and China slap anti-dumping duties on each other’s steel products
Indonesian airline to cancel $6bn order for 737 MAX jets