Top 10 Banks In Qatar

Based on market knowledge, size, and longevity, Global Finance lists the top banks in Qatar alphabetically.

The foundations of the Qatari economy before the 1940s oil discovery were pearling, fishing, agriculture, and nomadic livestock rearing. Rapid and significant change occurred throughout the nation. The people of Qatar enjoy one of the highest standards of living in the world, and the country is a spectacle of modern architecture with streets lined with upscale shops and restaurants.

These changes would not have been feasible without an effective and dynamic banking industry. Major infrastructure projects were largely financed by banks, which also significantly aided in promoting global investment and trade.

Qatari banks are leading the country’s efforts to diversify its economy and prioritize sustainable growth through investments in industries including tourism, information technology, and human capital development, much as they did with the oil and gas sector in the past. These are the top banks in Qatar, each with a distinct history and set of strengths, listed alphabetically.

1. Ahlibank

The founding principle of Ahlibank, which was established in 1983, is a dedication to traditional values while embracing change. The oyster shell represents the bank’s commitment to preserving and protecting its clients’ assets over time and serves as the emblem of its brand identity. Ahlibank provides a range of services and products, including corporate, retail, private, and international banking, treasury, and investment, from its head office and 11 branches located throughout Qatar. Ahlibank also runs a wholly-owned subsidiary that conducts brokerage business and offers insurance solutions. Ahlibank is a supporter of numerous initiatives about social welfare, health, and education. Ahlibank is also the winner of the Global Finance award in the World’s Safest Banks category, with assets exceeding $16 billion.

2. Arab Bank Qatar

Established in 1957, Arab Bank Qatar is a member of the Jordan-based Arab Bank Group, which manages assets estimated to be worth approximately $65 billion and has over 600 branches throughout five continents. Among the few international banks operating in the nation, the financial institution is the most well-known and established, ranking among HSBC, BNP Paribas, and Standard Chartered. Arab Bank Qatar caters to individual customers, businesses, and institutional clients with a wide range of services through its segments in consumer, corporate, and institutional banking, as well as treasury. Numerous Global Finance awards, such as Best SME Bank, Best Bank for Sustaining Communities, Best Bank for Cash Management, and Best Trade Finance Provider in the Middle East, have been given to its parent company.

3. Commercial Bank of Qatar

The Commercial Bank of Qatar (CBQ) was the nation’s first private-sector bank, having been founded in 1975. Since then, it has grown to become one of Qatar’s biggest financial institutions, with more than $45 billion in assets. It has been instrumental in shaping the domestic banking scene over the years, becoming the first bank in Qatar to list its Global Depositary Receipts in 2008 and issue bonds in the international capital markets in 2006.

Offering financial solutions ranging from traditional personal banking to business, government, and investment services, CBQ has over 30 branches and 200 ATMs across the nation. Additionally, the bank has a regional presence thanks to its strategic partnerships with the United Arab Bank (UAB) and the National Bank of Oman (NBO) and its 100% ownership of Alternatif Bank in Turkey. Global Finance has given CBQ numerous awards over the years in recognition of its efforts. Most remarkably, it consistently takes home the Best Bank in Qatar title.

4. Doha Bank

Doha Bank was established in 1979 and operates through four business groups: wholesale, retail, and international banking, as well as treasury and investments. The bank offers domestic and international banking services to individuals, commercial, corporate, and institutional clients. Doha Bank, which has assets of about $28 billion and over 470,000 active customers, has representative offices in Japan, China, Singapore, South Korea, Bangladesh, Nepal, Australia, South Africa, Turkey, the United Kingdom, and Germany in addition to having branches and offices abroad in Kuwait, the United Arab Emirates, and India. Doha Bank is a fervent supporter of Corporate Social Responsibility (CSR) and funds various initiatives that enhance the local community and environment. What’s possibly even more significant is that one of its workers, Mr. Shakeer Cheerayi, was accepted into the Guinness World Records for the quickest foot crossing of Qatar, taking one day, six hours, and fifty-six minutes.

5. Dukhan Bank

The full-service, Shariah-compliant bank, which is currently the third-largest in the nation, was first founded as Barwa Bank in 2008 and began operations in 2009. It was renamed Dukhan Bank in October 2020 as a result of a merger with the International Bank of Qatar. This calculated action was a component of a growth strategy that led to its listing on the Qatar Stock Exchange in February 2023.

Retail, corporate, and government banking are all served by Dukhan Bank. In addition, the bank offers customized wealth management services to affluent clients. Boasting more than $31 billion in assets, Dukhan Bank serves more than 150,000 clients through a vast branch network. Recent winners of the World’s Best Islamic Financial Institutions and Safest Islamic Banks in the Gulf Cooperation Council awards from Global Finance include Dukhan Bank.

6. Lesha Bank

Lesha Bank was the first independent Sharia-compliant investment bank to be approved by the Qatar Financial Center Regulatory Authority. It was founded in 2008. Previously known as Qatar First Bank, it has broadened its services to include investment, wealth management, and treasury management to a wide range of clients, including High-Net-Worth Individuals (HNWI) and domestic and foreign corporations and institutions. The bank’s initial focus was on real estate and equity. The bank consistently develops new products and services that take into account their social and environmental impact in addition to financial considerations, as part of its mission. Lesha Bank is the winner of the Global Finance Award for Best Up-and-Coming Islamic Finance Institution. Its assets amount to about $1.7 billion.

7. Masraf Al Rayan

Masraf Al Rayan was founded in 2006 and has quickly expanded to rank as the second-largest Islamic bank in Qatar, with assets of about $45 billion. The company is made up of three main business segments that provide a wide range of Sharia-compliant banking services and products for retail, corporate, and private customers. In addition to its 17 branches and 101 ATMs spread across Qatar, Masraf Al Rayan has branches abroad in France, the United Arab Emirates, and the United Kingdom, where it was the first Islamic bank to be publicly rated by Moody’s. The first merger of publicly traded banks in Qatar occurred when the bank completed its acquisition of Al Khaliji Commercial Bank in 2021.

Masraf Al Rayan has received recognition from Global Finance over the years, including awards in the Safest Bank in the Gulf and Best Investment Bank in Qatar categories.

8. Qatar International Islamic Bank

Qatar International Islamic Bank (QIIB), a privately held Islamic bank, prides itself on being a family-friendly organization built on the three pillars of commitment, family, and trust. Founded in 1990, QIIB provides high-net-worth clients with corporate and personal banking solutions, investment and treasury services, and financial products that are tailored to their needs through its 18 branches nationwide. Furthermore, QIIB is present in Morocco, where it founded Takaful Insurance Company in 2022 and currently owns a 40% stake in Umnia Bank. The largest shareholder, holding a 16% stake, is the Qatar Investment Authority, with assets valued at approximately $17 billion. The Qatar Exchange is where its shares are traded.

9. Qatar Islamic Bank

Qatar Islamic Bank (QIB), with assets of about $52 billion, is the second-largest financial institution in the nation and the first and largest Islamic bank in Qatar. QIB was founded in 1982 and has since been at the forefront of creating cutting-edge Islamic financial products. Most famously, the bank released the first-ever Islamic convertible bond (sukuk) in 2003, increasing the pool of Sharia-compliant investment choices accessible to investors. The bank has expanded its global reach, with a presence in the United Kingdom, Malaysia, Lebanon, and Sudan, in addition to its current 23 branches and over 170 ATMs throughout Qatar. Currently, QIB oversees more than 35% of the assets of domestic Sharia-compliant banks and has a roughly 10% market share in banking overall. Its clientele includes individuals, governments, small and medium-sized enterprises, and major corporations. Best SME and Best Consumer Digital Bank in Qatar, Best Islamic Corporate Bank, and Best Islamic Bank for Corporate Social Responsibility (CSR) worldwide are just a few of the accolades that QIB has won in recent years from Global Finance.

10. Qatar National Bank

When Qatar National Bank (QNB) was founded in 1964, it was the first bank entirely owned and funded by Qataris. With its headquarters located in a government-owned building in Doha, it employed 35 people in its first year of operation. Six decades later, the company employs 30,000 people overall, serves over 27 million customers, and has 900 locations across more than 30 countries. Through its corporate social responsibility (CSR) and sponsorship initiatives, QNB has supported communities and helped finance significant infrastructure projects, contributing significantly to the country’s transformation from a traditional commodity-based economy to a global powerhouse. QNB is currently the biggest financial institution in the Middle East, with assets of over $325 billion, providing services ranging from banking and loans to real estate, advisory, and wealth management. It has received multiple Global Finance honors over the years, including the Best Bank and Best Private Banking in Qatar titles.