Top List of Banks in Qatar
The banking industry has an important role in the national economy. It makes available a wide range of financial services both for individuals and businesses. In addition to its conventional banking activities, banks also act as price makers in the money market and support the growth of other markets through their credit creation function. Banks are influenced by developments in Qatar and worldwide, thereby impacting their performance.
Qatar's banking system is well developed and overwhelmingly local, featuring 18 commercial banks with offshore branches and three specialized credit institutions that offer a wide range of retail, corporate, and investment banking services through a network of 124 locations across the country. Let's see some of the best-performing banks in Qatar.
Qatar National Bank (QNB)
Qatar National Bank (QNB) is a commercial bank headquartered in Doha, Qatar. It was the first domestic Qatari-owned commercial bank in the country and the largest bank in the Middle East and Africa by assets as of 2016. Founded in 1964, QNB Group has steadily grown to become the biggest lender in the Mideast and Africa (MEA) region. It provides corporate, retail, and investment banking services to local and international customers. It operates 1045 branches and 4391 ATMs. Qatar National Bank has an asset of QAR 1.042 trillion (USD 290 billion).
Qatar Islamic Bank
Qatar Islamic Bank (QIB) is the first Islamic bank in Qatar, founded in 1983. Qatar Islamic Bank (QIB) is a leading provider of Shari'a-compliant financial services. The Bank's activities include conventional banking and financing based on the principles of Islamic Sharia. They can be categorized into two main business divisions; Retail and Commercial Banking Group and Investment Banking Group. QIB provides a wide range of monetary products and services for personal, commercial, corporate, and investment banking customers. Its total assets stand at QAR 180.2 billion (USD 49.9 billion).
Commercial Bank of Qatar
Commercial Bank of Qatar | Commercial Bank of Qatar provides flexible finance packages for all types of industries. It was founded in 1975 as the country's second bank. CQB has 28 fully functioning branches and 172 ATMs. Its assets are worth QAR 163.08 billion (USD 44.79 billion).
Al Rayan Bank, formerly known as Masraf Al Rayan, is a Sharia-compliant retail bank in Qatar. It was founded in 2006 and is listed on the Qatar Stock Exchange. Al Rayan is licensed by Qatar Central Banks and is listed on the Qatar stock market. Currently, the bank boasts 17 branches in Qatar and several ATMs. Its total assets stand at QAR 125.5 billion as of 2021.
Doha Bank is a commercial bank in Qatar, incorporated in 1979 and commenced its banking services in Doha, Qatar. It was the second Qatari-owned bank to start operations in Qatar. Doha Bank offers consumers and businesses a wide array of products and services, including Corporate Banking and Treasury Services, Retail Banking & Private Banking (Al Dar), Investment Banking (Doha Brokerage), Islamic Banking (Al Fara'a) & Asset Management (Doha Asset Management). The bank has 23 branches in Qatar, with several others outside the country. Its total assets are at QAR 112.15 billion (USD 30.80 billion).
Al Khaliji Commercial Bank
Al Khaliji Commercial Bank is a Qatar-based Islamic bank with operations in Qatar, France, and UAE. The Bank's principal activity is banking and investing in securities. The Bank has three business lines: consumer banking, corporate banking, treasury, and investment management, and one international strategic subsidiary to manage its growth in France.
Its branches and offices use the latest technology to provide a high standard of efficiency, accessibility, and quality across all aspects of the bank's operations. The bank's senior management team comprises local and international professionals who have over thirty years of experience in global banking. Its total assets as of 2021 stand at QAR 58.81 billion (USD 15.15 billion).
Dukhan Bank is a Qatar-based Islamic bank that offers its customers Shariah-compliant solutions through products and services. The bank operates through five divisions: Retail Banking, Corporate & Institutional Banking, Treasury, Investment Banking, and Assets Management.
It is a pioneer in financing infrastructure projects in Qatar and has supported many development programs in its early years. Dukhan Bank is licensed as a conventional wholesale bank by Qatar Central Bank, the national banking regulator. It is also certified as an authorized firm by the Financial Conduct Authority, the UK banking, and financial services regulator, to carry out certain UK-regulated activities. By 2020, its total assets were at QAR 86.30 billion.
Qatar International Islamic Bank
Qatar International Islamic Bank was established in 1990 as Qatar's first Islamic financial institution. Its mission is to be the leading Islamic bank that provides excellent banking services, supported by a team of competent employees and highly qualified.
iT IS one of the first fully sharia-compliant banks in Qatar and worldwide. Qatar International Islamic Bank is a leading international Islamic bank and provides high-quality financial services as per Islamic sharia principles. QIIB has its headquarters in Doha, with over 19 branches spread across Qatar. Its total asset stands at 42.2 billion (USD 11.59 billion).
Al Ahli Bank
This is a fully owned subsidiary of the National Bank of Kuwait, Al Ahli Bank of Qatar (ABQ) maintains a network of branches. It offers personal as well as commercial banking products and services. ABQ provides financial solutions to companies operating in the oil and gas sector. The bank's Investment Banking Department is involved in foreign currency exchange, project finance, and international trade finance transactions.
Its Corporate Banking segment serves corporate customers with cash management, trade finance, treasury, and project finance needs. ABQ is headquartered in Doha, Qatar. It has a network of 14 branches across Qatar and with a total asset of QAR 40.0 billion as of 2018 (USD 10.99 billion).
Qatar Development Bank
Qatar Development Bank is a state-owned economic development bank established in 1997 by the Emir of Qatar. It focuses on funding innovative companies. The bank looks to create sustainable businesses that contribute to the diversification of the Qatari economy, one of its main objectives. It has created employment for over 270 employees. Its total assets stand at QAR 9.83 billion (USD 2.74 billion).
What is the lowest salary to open a bank account in Qatar?
Eligibility. Customers who live in Qatar or are new to the country can open a Current Account by transferring their salary to Doha Bank. A salary of at least QAR 5,000 is required. Your employer should provide you with a salary transfer letter.