Qatar's Islamic Finance Sector Shows Strong Growth Across Key Segments

Doha, May 06 (QNA) - Qatar Financial Centre (QFC) and London Stock Exchange Group (LSEG) jointly hosted the QFC Islamic Finance Forum themed "Enabling Transformation."

Bringing together industry leaders and policy experts, the forum featured high-level discussions on strategies for modernizing Islamic finance and shaping its future across banking, capital markets, and fintech.

A central highlight of the forum was the launch of the Qatar Islamic Finance Report 2025: Expanding Horizons, developed in collaboration with LSEG. The report maps key developments in Qatar's Islamic finance sector over the past five years, with insights on market trends, regulatory progress, and alignment with the Qatar Financial Sector Strategic Plan.

Key findings included: Islamic finance assets: The value reached QR 694 billion by the end of 2024, with Islamic banking and Sukuk making up 97 percent of the total.

Islamic banking surge: Assets hit QR 586 billion in 2024, growing at a 6.8 percent CAGR since 2020, outperforming conventional banks.

Sukuk market expansion: Sukuk issuance by Qatari entities more than tripled from QR 9.2 billion in 2020 to QR 30.4 billion in 2024.

Takaful sector growth: Gross written contributions rose to USD 1.9 billion in 2024, with market share nearly doubling from 6 percent to 11 percent between 2020 and 2024.

FinTech momentum: Islamic FinTech transaction volumes tripled to nearly QR 10 billion in 2024, with a projected CAGR of 10 percent through 2028.

Global recognition: Qatar ranked 8th in the 2024 Global Islamic FinTech (GIFT) Index.

Also unveiled was the QFC Sukuk Guide, which provides a concise overview of Qatar's Sukuk market since 2005. It also outlines common Sukuk structures and explains the legal and regulatory frameworks relevant to issuers under the QFC platform.

Commenting on hosting the event, CEO of QFC Yousuf Mohamed Al Jaida said: "This forum represents our commitment to facilitating knowledge exchange and policy dialogue in Islamic finance. Through our collaboration with LSEG on the Qatar Islamic Finance Report 2025, we aim to support stakeholders with the insights and tools needed to tap into the growing opportunities within Qatar's dynamic financial sector." (QNA)