Six banks from Qatar are among the 30 most valued banks according to Forbes Middle East’s 2024 list. Six entries totaling USD 73.6 billion are from Qatar.
The banks QNB Group, Qatar Islamic Bank (QIB), Masraf Al Rayan, Dukhan Bank, Commercial Bank, and Qatar International Islamic Bank (QIIB) were listed as the best banks in their respective categories in the April issue of Forbes Middle East.
#5. QNB Group
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- Group CEO: Abdulla Mubarak Al Khalifa
- Market value: $38 billion
With 1,000 branches, QNB Group serves 30 million+ consumers across more than 28 countries. With a $4.3 billion net profit in December 2023—an 8.4% YoY increase—their total assets hit $338.2 billion. They introduced the QNB Payment Gateway, a digital payment service, in Qatar in October 2023. Qatar Investment Authority owns 51.84% of the total.
#13. Qatar Islamic Bank (QIB)
- Group CEO: Bassel Gamal
- Market value: $13.1 billion
Founded in 1982, QIB is the first Islamic financial institution in Qatar. Its network consists of one branch in Sudan and twenty-three branches in Qatar. With investments in Lebanon and the United Kingdom, Qatar Holding is by far the largest stakeholder, owning 16.87% of the company. In 2023, QIB’s total assets were $52 billion, while its net profit was $1.2 billion. QIB issued a five-year sukuk for $500 million USD in November 2023.
#21. Masraf Al Rayan
- Group CEO: Fahad Al Khalifa
- Market value: $6.3 billion
Masraf Al Rayan is a Shariah-compliant bank that operates 111 ATMs and 16 locations in Qatar. With subsidiaries in the UK, France, and the United Arab Emirates, it conducts business globally. In 2023, its total assets were $45.1 billion. Al Rayan Bank and Educate A Child International collaborated to introduce a new fixed-term deposit in February 2024 with the goal of advancing education for underprivileged children and youth.
#23. Dukhan Bank
- Acting Group CEO: Ahmed Hashem
- Market value: $5.8 billion
Founded in 2008, Dukhan Bank is a full-service bank that complies with Shariah. In 2020, it rebranded after merging with the International Bank of Qatar. It served more than 150,000 clients as of December 2023 through its nine locations, six digital e-channels, and 67 ATMs. The bank’s net profit in 2023 was $357.7 million, with total assets of $31.4 billion. As of March 2024, the General Retirement and Social Insurance Authority held a 24.56% interest, making it the company’s largest shareholder.
#24. Commercial Bank
- Group CEO: Joseph Abraham
- Market value: $5.76 billion
Commercial Bank has franchises for Diners Club and Alternatif Bank in both Qatar and Turkey, where it conducts business. It issued a $117.9 million bond denominated in QAR in April 2023. With $45.2 billion in total assets, the bank made $827 million in net profit in 2023. As of March 2024, Qatar Investment Authority owned 16.4% of the bank.
#27. Qatar International Islamic Bank (QIIB)
- CEO: Abdulbasit Al Shaibei
- Market value: $4.6 billion
With 17 physical locations, 1 virtual branch, and more than 84 ATMs, QIIB is a private Islamic bank located in Qatar. It issued a $500 million sukuk in January 2024, and in 2023 it made $320 million in net profit. The bank is owned by the Qatar Investment Authority to the tune of 16.62%.
