6 Qatari Banks Among Forbes ME's Top 30 Valuable Banks 2024

Forbes Middle East's latest list of the 30 most valuable banks for 2024 showcases the dominance of Qatari banks, with six institutions making the prestigious list. These banks collectively represent a substantial value of USD 73.6 billion, reaffirming Qatar's robust financial sector.

Top Performers in Qatar's Banking Sector

Among the top-ranked Qatari banks listed in the April issue of Forbes Middle East are QNB Group, Qatar Islamic Bank (QIB), Masraf Al Rayan, Dukhan Bank, Commercial Bank, and Qatar International Islamic Bank (QIIB). Each institution has demonstrated remarkable performance and resilience in their respective categories.

Bank Profiles

1. QNB Group (Ranked#5)

Led by CEO Abdulla Mubarak Al Khalifa, QNB Group boasts a market value of $38 billion. Operating across 28+ countries and serving over 30 million customers through 1,000 branches, QNB Group has seen steady growth, with total assets reaching $338.2 billion in December 2023.

2. Qatar Islamic Bank (Ranked#13)

Under the leadership of CEO Bassel Gamal, Qatar Islamic Bank (QIB) holds a market value of $13.1 billion. Established in 1982, QIB is the first Islamic financial institution in Qatar, with investments in the U.K. and Lebanon and total assets of $52 billion.

3. Masraf Al Rayan (Ranked#21)

Fahad Al Khalifa heads Masraf Al Rayan, with a market value of $6.3 billion. Operating as a Shariah-compliant bank, Masraf Al Rayan has expanded internationally with subsidiaries in the U.A.E., U.K., and France, demonstrating its commitment to growth and social responsibility.

4. Dukhan Bank (Ranked#23)

Acting Group CEO Ahmed Hashem leads Dukhan Bank, valued at $5.8 billion. Established in 2008, Dukhan Bank operates as a full-service Shariah-compliant bank, serving over 150,000 customers with total assets of $31.4 billion.

5. Commercial Bank (Ranked#24)

Joseph Abraham oversees Commercial Bank, valued at $5.76 billion. With operations in Qatar and Türkiye, Commercial Bank has recorded a net profit of $827 million in 2023, highlighting its strong financial performance.

6. Qatar International Islamic Bank (Ranked#27)

CEO Abdulbasit Al Shaibei leads Qatar International Islamic Bank (QIIB), valued at $4.6 billion. As a private Islamic bank in Qatar, QIIB has shown resilience with a net profit of $320 million in 2023 and notable sukuk issuances.