The Global Finance list of Qatar’s leading banks, based on size, longevity and market knowledge, in alphabetical order.
Pearling, fishing, agriculture and nomadic livestock rearing: these were the foundations of the Qatari economy before the discovery of oil in the 1940s. The country underwent a rapid and dramatic transformation. Today, Qatar is a spectacle of cutting-edge architecture, where streets are lined with luxury boutiques and fine dining establishments, and the population enjoys one of the highest standard of living in the world.
These changes would not have been possible without an efficient and ever-evolving banking sector. Banks played a pivotal role in financing major infrastructure projects and facilitating international trade and investment activities.
Much as they did with the oil and gas industry before, Qatari banks are now at the forefront of the country’s push to diversify its economy and emphasize sustainable growth through investments in sectors ranging from tourism, to information technology, and human capital development. These are the leading banks in Qatar, listed alphabetically, each with its own distinctive strengths and unique history.
Ahlibank
Established in 1983, Ahlibank’s guiding principle is a commitment to traditional values while adapting to change. The bank’s brand identity is symbolized by the oyster shell, reflecting dedication to nurturing and safeguarding customers’ savings and assets over time. With its head office and 11 branches across Qatar, Ahlibank offers a range of products and services, including corporate, retail, private and international banking, as well as treasury and investment. Additionally, Ahlibank provides insurance solutions and operates a wholly-owned subsidiary engaged in brokerage operations. Ahlibank supports various programs focused on health, social welfare and education. With assets exceeding $16 billion, Ahlibank is also a recipient of Global Finance’s award in the World’s Safest Banks category.
Arab Bank Qatar
Founded in 1957, Arab Bank Qatar is part of the Jordan-based Arab Bank Group, which boasts a network of over 600 branches across five continents and oversees assets valued at around $65 billion. The financial institution is one of the oldest and most established among a select few foreign banks in the country, including HSBC, BNP Paribas and Standard Chartered. Through its segments in consumer, corporate and institutional banking, as well as treasury, Arab Bank Qatar provides a comprehensive suite of services tailored to individual customers, businesses and institutional clients. Its parent company has won numerous Global Finance awards, including Best SME Bank, Best Bank for Sustaining Communities, Best Bank for Cash Management and Best Trade Finance Provider in the Middle East.
Commercial Bank of Qatar
Founded in 1975, the Commercial Bank of Qatar (CBQ) was the first private-sector bank to be established in the country. It has since evolved to become one of the largest financial institutions in Qatar, with assets valued at over $45 billion. Over the years, it has played a pivotal role in the evolution of the domestic banking landscape, becoming—among other achievements—the first Qatari bank to issue bonds in the international capital markets in 2006, and to list its Global Depositary Receipts in 2008.
Offering financial solutions ranging from conventional personal banking to business, government and investment services, CBQ boasts a country-wide network including over 30 branches and 200 ATMs, and a regional presence through the 100% ownership of Alternatif Bank in Turkey and strategic partnerships with the National Bank of Oman (NBO) and United Arab Bank (UAB). Over the years, CBQ has been recognized by Global Finance with many awards. Most notably, it is a repeat winner of the Best Bank in Qatar award.
Doha Bank
Inaugurated in 1979, Doha Bank provides domestic and international banking services for individuals, commercial, corporate and institutional clients through four business groups: wholesale, retail and international banking, and treasury and investments. With approximately $28 billion in assets and more than 470,000 active customers, Doha Bank has also established overseas branches in Kuwait, the United Arab Emirates and India, as well as representative offices in Japan, China, Singapore, South Korea, Bangladesh, Nepal, Australia, South Africa, Turkey, the United Kingdom and Germany. A strong advocate of Corporate Social Responsibility (CSR), Doha Bank sponsors several programs benefiting the environment and local communities. Through the years, Doha Bank has been recognized by Global Finance with awards in the Safest Banks category. Perhaps even more importantly, one of its employees, Mr. Shakeer Cheerayi, has been admitted into the Guinness World Records for the fastest crossing of Qatar on foot: it took 1 day, 6 hours, and 56.50 seconds.
Dukhan Bank
Originally established as Barwa Bank in 2008, the full-service Shariah-compliant institution—today the third-largest in the country—started operations in 2009. In October 2020, following a merger with the International Bank of Qatar, it was rebranded as Dukhan Bank. This strategic move was part of an expansion plan that, in February 2023, culminated in its listing on the Qatar Stock Exchange.
Dukhan Bank caters to retail, corporate and government banking. Furthermore, the bank serves high-net-worth individuals through personalized wealth management solutions. With assets exceeding $31 billion, Dukhan Bank operates an extensive branch network serving over 150,000 customers. Dukhan Bank is a recent winner of Global Finance’s Safest Islamic Banks In The Gulf Cooperation Council award, as well as the World’s Best Islamic Financial Institutions award.
Lesha Bank
Established in 2008, Lesha Bank is the first independent Sharia-compliant investment bank authorized by the Qatar Financial Centre Regulatory Authority. Formerly known as Qatar First Bank, from its initial focus on real estate and equity it has expanded its offerings to provide a comprehensive range of investment, wealth management, and treasury services to a diverse client base which includes High-Net-Worth individuals (HNWI) and local and international corporations and institutions. As part of its mission, the bank continually develops new products and services that not only consider financial factors but also take into account their social and environmental impact. With assets totaling approximately $1.7 billion, Lesha Bank is a recipient of Global Finance award for Best Up-and-Coming Islamic Finance Institution.
Masraf Al Rayan
Established in 2006, Masraf Al Rayan has rapidly grown to become the second-largest Islamic bank in Qatar, with assets of approximately $45 billion. The organization comprises three core business divisions offering a diverse range of Sharia-compliant products and services in retail banking, corporate banking and private banking. With 17 branches and a network of 101 ATMs distributed throughout Qatar, Masraf Al Rayan has also expanded its reach internationally, with branches in France, the United Arab Emirates and the United Kingdom, where it was the first Islamic bank to receive a public rating by Moody’s. In 2021, the bank finalized its acquisition of Al Khaliji Commercial Bank, marking the first merger of publicly listed banks in Qatar. Over the years, Masraf Al Rayan has been recognized by Global Finance with awards in the Safest Bank in the Gulf region and Best Investment Bank in Qatar categories.
Qatar International Islamic Bank
A privately owned Islamic bank, Qatar International Islamic Bank (QIIB) describes itself as a family-friendly institution based on three pillars: trust, family, and commitment. Established in 1990, QIIB offers personal and corporate banking solutions, treasury and investment services, and financial products specifically tailored to its high-net-worth clients through its 18 branches across the country. Additionally, QIIB has a presence in Morocco, where it holds a 40% share of Umnia Bank and established Takaful Insurance Company in 2022. With assets of about $17 billion, the Qatar Investment Authority is its largest shareholder with a 16% stake. Its shares are traded on the Qatar Exchange.
Qatar Islamic Bank
Qatar Islamic Bank (QIB) is the first and largest Islamic bank in Qatar and the second-largest financial institution in the country with assets of approximately $52 billion. Established in 1982, QIB has been at the forefront of developing innovative Islamic financial products ever since. Most notably, in 2003, the bank issued the world’s first Islamic convertible bond (sukuk), thus expanding the range of Sharia-compliant investment options available to investors. Currently, with 23 branches and more than 170 ATMs across Qatar, the bank has also expanded it global reach, with a footprint in the United Kingdom, Malaysia, Lebanon and Sudan. Today, QIB manages over 35% of the total assets of domestic Sharia-compliant banks and holds about a 10% share of the banking market overall, counting among its clients individuals, government institutions, small and medium businesses, as well as large corporations. In recent years, QIB has won numerous Global Finance awards, including Best SME and Best Consumer Digital Bank in Qatar, Best Islamic Corporate Bank, and Best Islamic Bank for Corporate Social Responsibility (CSR) globally.
Qatar National Bank
Established in 1964, Qatar National Bank (QNB) was the first bank to be financed and wholly owned by Qataris. Headquartered in a building owned by the government in Doha, during its first year in business, it had 35 employees. Six decades later, the total number of employees has grown to 30,000, its customers to over 27 million, and its operations have expanded to 900 locations in more than 30 countries. Throughout the years, QNB has played a pivotal role in transforming Qatar from a traditional commodity-based economy to a global powerhouse, helping finance major infrastructure projects and supporting communities through its corporate social responsibility (CSR) and sponsorship programs. Offering services ranging from banking and loans to real estate, advisory and wealth management, today QNB is the largest financial institution in the Middle East with assets of over $325 billion. Over the years, it has won numerous Global Finance awards, including for Best Bank and Best Private Banking in Qatar.