Forbes Middle East has released its 2024 list of the 30 most valuable banks, and six Qatari banks have made the list. Qatar has six entries worth USD 73.6 billion.
In the April issue of Forbes Middle East, the following banks were ranked as the top banks in their respective categories: QNB Group, Qatar Islamic Bank (QIB), Masraf Al Rayan, Dukhan Bank, Commercial Bank, and Qatar International Islamic Bank (QIIB).
QNB Group operates in 28+ countries, serving 30M+ customers through 1,000 branches. Their total assets reached $338.2B in Dec 2023, with a net profit of $4.3B, up 8.4% YoY. In Oct 2023, they launched QNB Payment Gateway in Qatar for digital payment solutions. The majority is owned by Qatar Investment Authority at 51.84%.
QIB is the first Islamic financial institution in Qatar, established in 1982. It has a network of 23 branches in Qatar and one branch in Sudan. It has investments in the U.K. and Lebanon, and Qatar Holding is its largest shareholder with a 16.87% stake. QIB's net profit reached $1.2 billion in 2023, and its total assets were $52 billion. In November 2023, QIB issued a $500 million USD-denominated five-year sukuk.
Masraf Al Rayan is a Shariah-compliant bank with 16 branches and 111 ATMs in Qatar. It operates internationally with subsidiaries in the U.A.E., U.K., and France. Its total assets stood at $45.1 billion in 2023. In Feb 2024, Al Rayan Bank partnered with Educate A Child International to launch a new fixed-term deposit to advance education for marginalized children and young people.
Dukhan Bank, established in 2008, is a full-service Shariah-compliant bank. It merged with the International Bank of Qatar and rebranded in 2020. As of December 2023, it had nine branches, 6 digital e-channels, and 67 ATMs serving over 150,000 customers. With $31.4 billion in total assets, the bank had a net profit of $357.7 million in 2023. The General Retirement and Social Insurance Authority is its largest shareholder, with a 24.56% stake, as of March 2024.
Commercial Bank operates in Qatar and Türkiye, owning Alternatif Bank and Diners Club franchises in both countries. In April 2023, it issued a QAR-denominated bond of $117.9 million. In 2023, the bank recorded a net profit of $827 million with total assets of $45.2 billion. Qatar Investment Authority owns 16.4% of the bank as of March 2024.
QIIB is a private Islamic bank in Qatar with 17 branches, one digital branch, and over 84 ATMs. Its net profit in 2023 was $320 million, and it issued a $500 million sukuk in January 2024. The Qatar Investment Authority holds a 16.62% stake in the bank.
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Source and cover image: Forbes Middle East
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