DOHA: The Arab Monetary Fund (AMF) has praised the specialised monitoring mechanisms put in place by Qatar Central Bank (QCB) on banks that comply with Islamic law.
Banking assets of Shariah-compliant banks represent 26.44 per cent of the total in Qatar. They also account for 26.53 per cent of the total bank financing in the country.
Last month, QCB data revealed assets of Islamic banks in the country at the end of May rose 8.71 per cent year-on-year. The previous year’s figure was QR381.9bn while in May this year, it stood at QR415.2bn. Assets of Islamic banks accounted for about 26.44 per cent of the total assets of commercial banks operating in Qatar, amounting to QR1,570.09bn in May 2020.
Profitability levels of Shariah-compliant banks from 2015 to 2019 were higher or equal to the average recorded in the banking systems of Qatar, Sudan, Syria and Kuwait, an AMF study has shown.
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