Qatar banking system

Qatar's banking system has been counting down since 1971, from the moment Qatar declared its independence. Until 1971, all credit and financial activities were controlled by UK banks. Currently, 16 commercial banks operate in the country (including branches and branches of foreign banks).

In accordance with Article 1 of the Law of the State of Qatar No. 15 dated 08/08/1993, a bank is understood to mean any company licensed to conduct banking business in Qatar (the main feature of the banking business being the possibility of accepting deposits for the purpose of using them in other banking operations) . The minimum paid-up authorized capital of a national bank is established by law in the amount of Qatar 20 million, and the branches (branches) of foreign banks - in the amount of Qatar 10 million. All Qatari banks are required to create reserves in the amount of 100% of their authorized capital and place them in the Central Bank of Qatar .

Currently, the largest proper Qatari traditional banks are:

• Qatar National Bank (QNB) - a bank with a 50% stake in the Government of Qatar, formed in 1964, the size of assets is $ 61.2 billion (as of December 31, 2010)
• Commercial Bank of Qatar (Commercial Bank of Qatar (CBQ)) - assets of $ 16.49 billion (as of September 30, 2010)
• Doha Bank (Doha Bank) - assets of $ 12.94 billion (as of December 31, 2010)
• Al-Ahli Bank of Qatar (Al-Ahli Bank of Qatar QSC) - a bank with 40% participation and managed by Al-Ahly United Bank , assets of $ 4.92 billion (as of 12/31/2010)
• The Qatar International Bank (IBQ) is a bank with a 40% interest and managed by the National Bank of Kuwait , formerly called the Greenlays Qatar Bank.

The Qatar Development Bank (QDB) was established in 1997 by Decree of the Emir No. 14 in the form of a non-profit organization for lending to small and medium-sized industries. Initially, it was called the Qatar Industrial Development Bank.

Actually Qatari banks, carrying out their business on the basis of Islamic banking in Qatar, only 2, this

• Islamic Bank of Qatar (Quatar Islamic Bank) - the largest Islamic bank of the Persian Gulf;
• Qatar International Islamic Bank (Qatar) - founded in 1991, net profit in 2010 amounted to 559 million Qatari rials .

In February 2011, the Central Bank of Qatar sent a circular to the country's banks, according to which all commercial banks should close their Islamic divisions by the end of the year and immediately stop attracting funds from these divisions.

Banks registered in the territory of Qatar in the status of offshore, differ significantly in legal status from ordinary Qatari banks. Qatar's offshore banks can be created in the form of joint-stock companies with headquarters in Qatar or in the form of offshore branches of Qatar or foreign commercial banks. Qatari offshore banks, on the one hand, are limited in carrying out banking operations with the participation of residents of Qatar: they do not have the right to accept deposits from Qatari nationals and companies, carry out investment management of their funds, open accounts with debiting funds by check, unless it is issued a special permit of the Central Bank of Qatar to achieve any national interests. On the other hand, the Qatari offshore banks and offshore branches of ordinary Qatari banks are not subject to the minimum paid-up capital requirements (for offshore branches of foreign banks this standard is 10 million Qatari rials ), in addition, these banks are completely exempt from paying income tax.

• Qatari paradox
• Qatar International Islamic Bank published financial statements
• Khoroshilov S. D. Banking system of Qatar // International banking operations. 2006. No. 6. S. 51-66