Islamic finance assets in Qatar reached QAR694 billion ($190.6 billion) by the end of 2024, with Islamic banking and sukuk accounting for 97 percent of the total, a new report revealed.
According to Qatar Islamic Finance Report 2025: Expanding Horizons, Islamic banking saw a surge, with assets hitting QAR586 billion ($160.9 billion) in 2024, growing at a 6.8 percent CAGR since 2020 and significantly outperforming conventional banks.
The new report published by Qatar News Agency (QNA) was unveiled during the Qatar Islamic Finance Forum themed “Enabling Transformation.” The event was jointly hosted by Qatar Financial Centre (QFC) and London Stock Exchange Group (LSEG).
Additionally, sukuk issuance by Qatari entities more than tripled from QAR9.2 billion in 2020 to QAR30.4 billion in 2024.
The Takaful sector also experienced growth, with gross written contributions rising to $1.9 billion in 2024, nearly doubling its market share from 6 percent to 11 percent between 2020 and 2024.
Moreover, Islamic FinTech transaction volumes tripled to nearly QAR10 billion ($2.74 billion) in 2024, with a projected CAGR of 10 percent through 2028. Furthermore, Qatar ranked 8th in the 2024 Global Islamic FinTech (GIFT) Index.
This report maps key developments in Qatar’s Islamic finance sector over the past five years, providing insights into market trends, regulatory progress, and alignment with the Qatar Financial Sector Strategic Plan
Qatar Islamic Finance Forum brought together industry leaders and policy experts, featuring high-level discussions on strategies to modernize Islamic finance and shape its future across banking, capital markets, and fintech.
Read more: Islamic banking in Qatar emerges as growing force with 25 percent sector assets in 2023
QFC Sukuk Guide
Also unveiled during the forum was the QFC Sukuk Guide, which provides a concise overview of Qatar’s sukuk market since 2005. It 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 stated, “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.”