8 Qatari banks are among the 50 largest banks in the region


8 Qatari banks occupied the list of the 50 largest banks in the region in terms of market value for the year 2023.. Forbes Middle East revealed the list of the 50 largest banks in the Middle East in terms of market value for the year 2023, highlighting the largest banks in the region. To prepare the list, Forbes Middle East collected the data of banks listed in the Arab financial markets, and classified them based on the market value on February 28, 2023.

Qatar National Bank (QNB) Group ranked 3
Group CEO: Abdullah Mubarak Al Khalifa
Market value: $42.8 billion

He established the largest bank in Qatar in 1964, as the first Qatari commercial bank, and the Qatar Investment Authority owns 51.93% of its shares. The group operates in more than 28 countries on 3 continents, and provides services to more than 27 million customers through 28 thousand employees. While the group’s assets amounted to $326.7 billion until the end of 2022, and achieved net profits of $4 billion, an increase of 9% compared to 2021. In November 2022, the Qatar National Bank Group signed a strategic partnership agreement with SADAD Payment Solutions Company, to develop electronic payments in Qatar. . It also signed an agreement to establish a joint entity with Ajlan & Brothers Holding Group, to develop and expand the work of the two groups in the field of digital banking services in Saudi Arabia.

12th place Qatar Islamic Bank (Al Masraf)
Group CEO: Bassel Jamal
Market value: $12.1 billion

The bank was established in 1982, and it has 23 branches in Qatar and one branch in Sudan. It also has investments in the United Kingdom and Lebanon. He owns stakes in a number of Sharia-compliant financial services companies in Qatar, including: QInvest, Daman Islamic Insurance (Bima) and Al Jazeera Finance. In October 2022, QInvest, in partnership with Qatar Insurance Company, established Epicure Islamic Investment Management Company in Qatar. In 2022, the bank’s net profit increased by 12.7% to reach $1.1 billion. While the total assets amounted to $ 50.5 billion, a decrease of 5.1% compared to 2021. The Qatar Investment Authority is the largest shareholder in the bank, with a 17.2% share.

Masraf Al Rayan ranked 20th
Group CEO: Fahd bin Abdullah Al Khalifa
Market value: $6.9 billion

Masraf Al Rayan was established in 2006 and provides Sharia-compliant banking services in Qatar, the United Kingdom, the UAE and France. In April 2022, the bank launched a framework for sustainable financing options, to provide financing opportunities related to environment, society and governance to investors, and to use its proceeds to finance sustainable projects. At the end of 2022, his total assets amounted to $46 billion. In the previous year, the bank completed its merger with Khaleeji Commercial Bank (Al Khaliji), marking the first merger of two listed banks in Qatar. Qatar Investment Authority owns 15.9% of the bank.

The 21st commercial bank
Group CEO: Joseph Abraham
Market value: $6.8 billion

The Commercial Bank was established in 1974 and is currently active in Qatar and Turkey through its wholly owned Alternatif Bank. It also owns and operates exclusive franchises for Diners Club in Qatar and Turkey. In June 2022, he announced the completion of a $750 million Asian syndicated term loan arrangement. Its net profits reached $772 million in 2022, an increase of 22%, compared to 2021, and its total assets amounted to $46.5 billion. Qatar Investment Authority owns 16.8% of the bank.

The 26th place is Qatar International Islamic Bank
Chief Executive Officer: Abdul Basit Ahmed Al Shaibi
Market value: $4.36 billion

Qatar International Islamic Bank was established in 1990, and today it offers Islamic banking solutions to individuals and companies through 17 branches in Qatar. In October 2022, the bank announced the establishment of the Takaful Insurance Company in Morocco, in partnership with the Atlanta Insurance Company, the Moroccan Mortgage and Tourist Credit Bank (CIH) and the Qatar Islamic Insurance Company. The bank also owns 40% of the Moroccan (Omnia Bank), at the end of December 2022. The Qatar Investment Authority is the largest shareholder in the bank, with a 16.62% stake.

The 28th place is a smoke bank
Acting CEO: Ahmed Hashem
Market value: $4.17 billion

Dukhan Bank was established in 2008 under the name Barwa Bank, and commenced operations in 2009 as a Sharia-compliant bank. In October 2020, it was renamed Dukhan Bank after merging with Qatar International Bank in 2019. It offered 33.34% of its shares on the Qatar Stock Exchange in February 2023 through the direct listing mechanism, with a market value of $6.3 billion upon listing. Its assets also exceeded $29.2 billion as of the end of 2022. The General Retirement and Social Insurance Authority is the largest shareholder in Dukhan Bank, with a stake of 24.5%.

The 35th place is the National Bank
Chief Executive Officer: Hassan Ahmed Al-Efranji
Market value: $2.8 billion

The National Bank was established in 1983 as a public shareholding company. It currently has 14 branches and 89 ATMs across Qatar. In April 2022, Al Ahli Bank and Qatar Development Bank signed an agreement for the updated Al Dhameen program to support small, medium and micro enterprises in Qatar. In the same month, the bank launched the direct payment service in cooperation with the General Tax Authority in Qatar, to facilitate procedures for paying tax obligations to its customers. Its total assets amounted to $13.3 billion until the end of 2022. The Qatar Investment Authority also owns 47.71% of the bank.

The 44th place is Doha Bank
Acting Chief Executive Officer: Judney Steholt Adalsteinsson
Market value: $1.4 billion

Founded in 1979 in Qatar, serving more than 470,000 customers. The bank has foreign branches in Kuwait, the UAE and India, in addition to representative offices in Japan, China, Singapore, South Africa, South Korea, Australia, Turkey, the United Kingdom, Canada, Germany, Bangladesh, Sri Lanka and Nepal. In January 2023, the bank launched the Q-Trade trading platform that allows clients to buy and sell shares listed on the Qatar Stock Exchange. Its total assets amounted to $26.8 billion until the end of 2022. The Qatar Investment Authority owns 17.15% of the bank.

548.1 billion dollars
The total market capitalization of the 50 largest banks in the region is $548.1 billion. The Saudi Al-Rajhi Bank topped the list, with a market value of $75 billion, making it the largest bank in the region. Followed by the National Bank of Saudi Arabia in second place with $56.4 billion, then Qatar National Bank (QNB) Group in third place with $42.8 billion. Together, their total market value reaches $174.2 billion, making up about 32% of the list.
This year’s list includes banks operating in 10 markets across the region. Gulf banks dominate with a total of 41 banks, representing about 82% of the list. While Saudi Arabia and the UAE are the most represented by 10 banks each, and the two countries constitute 40% of the classification.
While the total market value of the 10 largest Saudi banks amounted to $223.5 billion. The value of Emirati banks on the list amounted to $121.2 billion, $81.3 billion for 8 Qatari banks, and $76.2 billion for 7 Kuwaiti banks.
On the other hand, banks in the region support sustainable financing investments, and work to secure deals to enhance customers’ energy-saving investments. As part of the National Bank of Kuwait (NBK) pledge to achieve carbon neutrality by 2060, the bank worked to provide 12 charging points for electric cars in the car parks attached to its headquarters in 2022. It also joined the list of the United Nations Global Compact in February 2023 In April 2022, Masraf Al Rayan launched a framework for sustainable financing options, to provide financing opportunities related to environment, society and governance for investors. In September 2022, Commercial Bank of Dubai signed a partnership agreement with Sharaf DG Energy Company to enable customers to produce clean energy, by installing the energy company’s solar photovoltaic systems on the roofs of their homes, and financing them through Commercial Bank of Dubai’s sustainable and digital financing packages.


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