Qatar is a tiny country in the Persian Gulf, having an area of about 11,437 square kilometers. It is a country that is smaller in area than some of the states in other countries. However, what it lacks in size, it makes up in wealth. It is sitting on one of the richest oil reserves, making Qatar one of the wealthiest countries in the world. Oil exports account for 80% of its income. It was once a small pearling and fishing country, but has now become a global economic giant, which can even dictate terms to other countries. After the growth of the nation, Qatar banks stepped into the scene.
Qatar has a number of banks operating in the country, some of which are inland and some of which are foreign banks. The Qatar Central Bank is the regulatory authority for banks, exchange houses, investments, and financial companies in Qatar and it is the central bank of the country. It can assist the people by investigating complaints against those Qatar banks which are under its supervision.
The Qatar National Bank, which was established way back in the year 1964, was the first of all the commercial Qatari owned banks. It has grown a lot since then, and has now become the largest banks in the region (in fact, it is the leading bank in Qatar today). It has more than 42 branches including branches in Yemen, Oman and Kuwait. The Bank has recently opened a full-fledged branch in Singapore. The Qatar National Bank was the first bank among all the other conventional Qatar banks to come up with the Islamic Banking services and products.
The Commercial Bank of Qatar was established in 1975 as the first totally owned private commercial bank in Qatar. It has become an important regional bank that has been making consistent profits since its inception. The bank has a network of 23 branches. The bank along with other Qatar banks has played a prominent role in supporting the government for achieving the industrial development of Qatar.
The Standard Chartered Bank is one of the leading international banks in the world with its presence in the continents of Asia, Africa, Europe and North America. The bank has an excellent knowledge and understanding of the market and its clients. It is said that the Standard Chartered Bank has introduced banking in Qatar in 1950. The bank employs over 29,000 people in more than 500 offices in over 50 countries.
HSBC Bank Middle East Limited represents the HSBC group in Qatar. It is the largest and most well represented international bank in the entire Middle East. The bank has the unique distinction of receiving a number of awards such as ‘Best Bank in the Middle East’, ‘Best Debt House’, and ‘Best in Risk Management’. The bank has also been named as the ‘Best Global Bank’ by Euromoney. The HSBC bank provides a whole range of banking services for the corporate and the individual sectors in Qatar. It is the largest foreign bank among Qatar banks.
The Mashreqbank is one of the leading banks and is based in Dubai. It was established as the Bank of Oman in 1967 and since then, it has grown to become the largest private bank in the U.A.E. The bank has established itself as a stable and profitable bank for its customers. Mashreq has shown strong and consistent growth and has expanded its customer base and range of services.
The Arab Bank is rated as the largest international financial institution. It has a network of 500 branches in over 30 countries. The Qatar Islamic Bank is a Qatar based bank, providing banking services as per Islamic principles. Its entire banking system is totally based on Islamic system of financing and this is followed by some of the Qatar banks.