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Financial System in Qatar

Financial system allows exchange of funds between lender, borrower and investors. Banks play a major role in the development of economy by providing loans and financial services to the companies. 

The Banks in Qatar are:

Qatar Central Bank

Qatar Central Bank is the bank of government which has the authority of Qatar's banking and fincial system. It implement policies which take care of the stability of the economy. The policies avoid financial imbalances.

Qatar Central bank maintains:

  • Commodities and services prices
  • Financial and banking stability
  • Other macroeconomic suvch as interest rates, large-scale factors and development objectives.
  • Riyal Exchange rate and being exchanged for other currencies.

Commercial Banks: 

Banks which provide services to the companies and public. Qatar's commercial bank provides services such as current and savings accounts, loans, credit cards, overdrafts, payment processing, bank drafts and checking and safety deposit boxes and so on. Apart from these services, commercial banks also provide electronic banking facilities such as internet banking, mobile banking through which customers can do fund transfer, pay utility bill and numerous merchant electronic payment technologies. 

Commercial Banks and their contact numbers are given below: 

Bank Name     Phone Number
 
Ahli Bank QSC 

8002222

+974 44232222

Arab Bank  +974 44387878
Bank Saderat Iran  +974 44414646
+974 44430344
+974 44430345
BNP Paribas  +974 44537537
Commercial Bank  +974 44490000
Doha Bank  +974 44456000
HSBC  +974 44424722
IBQ  +974 44478000
Al Khaliji Bank  +974 44940000
Mashreq  +974 44083333
Qatar Development Bank  +974 44300000
QNB  +974 44407777
Standard Chartered Bank +974 44248 601
United Bank Limited +974 44254444

 

 

Islamic Banks: 

The islamic banks in Qatar follow islamic rules which are based on the principles of Shari'ah which are majorly concerned about the growth in Islamic economy. In 2011 the QCB announced that conventional banks would no longer be allowed to run Islamic windows, sections of banks that operate according to Shari’ah principles and that Islamic banking services could only be offered by separate, dedicated institutions.

Islamic Banks in Qatar and their contact numbers:

Bank Name Phone Number
Barwa Bank  +974 44488888
Masraf Al Rayan  +974 44253333
QIB  +974 44448444
QIIB  +974 44625666

 

Qatar Stock Exchange:

Previously known as Doha Securities market, was founded in 1997 and is member of the World Federation of Exchanges. It facilitates share trading on locally based companies.

Author: Thilaka S    Source: Hukoomi

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