Qatar Islamic Bank
Qatar's first Islamic bank and its largest Sharia-compliant lender.
Last updated August 26, 2026
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Overview
Qatar Islamic Bank (QIB) is a Qatar-based Islamic financial institution established in 1982. It was the first Islamic bank founded in Qatar and has developed into the country's largest Sharia-compliant lender. The bank's activities are overseen by a Sharia board, which reviews products, contracts, and operating practices for conformity with Islamic banking and finance principles. QIB began with paid-up capital of QR25 million and opened its first customer branch in July 1983. During the following decades it expanded from a domestic retail bank into a diversified Islamic financial-services group with activities spanning personal banking, corporate and commercial finance, investment banking, real estate finance, insurance-related services, asset management, and international banking interests. Its growth included stakes or subsidiaries connected with Al Jazeera Finance, Aqar, Arab Finance House in Lebanon, Asian Finance Bank in Malaysia, QInvest, QIB-UK, and BEEMA. Some of these investments were later changed or divested; in 2018, for example, QIB sold its entire 60% holding in Asian Finance Bank to Malaysian Building Society Bhd. The bank's core business remains Qatar. Its domestic distribution network has included branches, dedicated facilities for women, lounges for affluent customers, and a large network of multifunction ATMs. QIB serves retail customers as well as companies and institutions, offering Sharia-compliant deposit, financing, payment, investment, and wealth-management products. Its position is based on a combination of scale, local market reach, Islamic-finance expertise, and a broad product platform rather than on a narrowly specialized banking niche. QIB is publicly traded on the Qatar Exchange, with Qatar Investment Authority identified as its largest shareholder. The bank also accesses international capital markets through Islamic debt instruments. In March 2019 it issued a five-year US$750 million sukuk. The transaction attracted orders of approximately US$3.1 billion from investors in the Middle East, Asia, Europe, the United States, and other markets, illustrating the bank's ability to reach international Islamic and conventional fixed-income investors. For 2019, the bank reported net profit of QAR3,055.4 million, total assets of QAR163.5 billion, financing of QAR113.8 billion, customer deposits of QAR111.6 billion, and total income of QAR7,738.2 million. These figures are historical and describe the year ended 31 December 2019. In the same period, external rating agencies including Fitch Ratings, Moody's, Capital Intelligence, and S&P Global Ratings affirmed investment-grade ratings with stable outlooks, according to the bank's cited reference material. QIB's brand identity is therefore closely associated with Qatar's financial system and with the institutionalization of Islamic banking in the country. Its principal competitive proposition is the delivery of full-service banking through contracts and structures designed to comply with Islamic finance principles, supported by a large domestic franchise and selected international subsidiaries and investments.
History
Qatar Islamic Bank was established in 1982 with paid-up capital of QR25 million. Its creation marked the beginning of dedicated Islamic banking in Qatar and made it the country's first Islamic financial institution. The bank opened its first branch to customers in July 1983, establishing a physical retail presence that later expanded across the country. During its first two decades, QIB increased its capital and broadened its participation in Qatar's emerging financial-services ecosystem. Al Jazeera Finance was established in 1989 with QIB holding a 30% interest. By 1996, QIB's paid-up capital had reached QR200 million, and the bank became listed on the Qatar Stock Exchange in 1998. In 2000, it helped establish Aqar, in which it held a 49% interest. Arab Finance House was created in Beirut in 2003 with QIB holding 37%. Expansion continued during the middle of the 2000s. By 2005, QIB had eight branches and paid-up capital of QR663 million. That year it also became involved in the establishment of Asian Finance Bank in Malaysia, holding 41.67%. In 2006, paid-up capital increased to QR1.19 billion. The bank subsequently expanded into investment banking through QInvest, established in 2007 with QIB holding 50.13%; into the United Kingdom through the wholly owned QIB-UK subsidiary, established in 2008; and into insurance-related financial services through BEEMA, established in 2009 with QIB holding 25%. These initiatives reflected a strategy of building a broader Islamic financial group rather than relying only on domestic branch banking. The group connected retail and corporate banking with investment banking, real estate, insurance, and international operations. At the same time, Qatar remained the central market and the primary source of the bank's scale. In February 2018, QIB exited Asian Finance Bank by selling its full 60% stake to Malaysian Building Society Bhd. The transaction represented a portfolio change within the bank's international operations. In March 2019, QIB returned to international capital markets with a US$750 million five-year sukuk. Demand was substantially higher than the issue size, with an order book of approximately US$3.1 billion and participation from more than 140 investors across 28 countries. The allocation included significant participation from outside the Middle East, demonstrating the bank's access to a geographically diverse investor base. QIB's 2019 results showed the scale reached by its domestic franchise. The bank reported QAR3,055.4 million in net profit, QAR163.5 billion in total assets, QAR113.8 billion in financing, and QAR111.6 billion in customer deposits for the year ended 31 December 2019. Its distribution system included 31 branches, dedicated centers for women, affluent-customer lounges, and more than 175 multifunction ATMs. The bank reported more than 170,000 retail clients and over 3,000 corporate clients at that time, with a 43% share of Qatar's Islamic banking sector and an 11% share of the overall banking market. The institution remains organized around Sharia-compliant banking. A Sharia board supervises the conformity of its products and operations with Islamic finance principles, while the broader business serves households, businesses, institutions, and affluent customers. Its historical development combines domestic market leadership, selective international expansion, capital-markets activity, and continuing diversification across Islamic financial services.
- 2019
International sukuk issuance
[1]QIB issues a US$750 million five-year sukuk, attracting approximately US$3.1 billion in orders.
- 2018
Asian Finance Bank stake is sold
[1]QIB sells its full 60% holding in Asian Finance Bank to Malaysian Building Society Bhd.
- 2008
QIB-UK is established
[1]QIB establishes the wholly owned QIB-UK subsidiary.
- 2007
QInvest is established
[1]QInvest is established as an investment-banking venture in which QIB holds 50.13%.
- 2003
Arab Finance House is established
[1]Arab Finance House is established in Beirut with QIB holding 37%.
- 1998
QIB is listed
[1]QIB becomes listed on the Qatar Stock Exchange.
- 1989
Investment in Al Jazeera Finance
[1]Al Jazeera Finance is established with QIB holding 30%.
- 1983
First customer branch opens
[1]The bank opens its first branch in July, beginning its customer-facing operations.
- 1982
Qatar Islamic Bank is established
[1]QIB is founded with paid-up capital of QR25 million as Qatar's first Islamic financial institution.
Products and positioning
A full-service, scale-led Islamic bank combining Qatar's largest Sharia-compliant banking franchise with corporate finance, investment banking, wealth management, and selected international financial-services activities.
Retail banking
Retail Islamic banking
QIB's retail franchise provides Sharia-compliant day-to-day banking for individuals, including accounts, payment services, cards, personal finance, and other consumer-oriented products. The offering is delivered through branches, dedicated facilities for women, affluent-customer lounges, ATMs, and digital channels where available. Retail banking is a central part of QIB's domestic market position.
Corporate banking
Corporate and commercial banking
The corporate platform serves companies and institutions through Islamic financing, deposits, trade-related services, treasury products, and structured solutions. It supports QIB's role as a full-service lender rather than a bank focused only on individual customers. The bank reported more than 3,000 corporate clients in the cited 2019 reference material.
Investment banking · 2007
Investment banking and sukuk
QIB participates in investment banking and Islamic capital-markets activities, including sukuk-related financing and international issuance. The establishment of QInvest in 2007 broadened the group's investment-banking capabilities. QIB's own 2019 US$750 million sukuk demonstrated its access to international investors.
Wealth management
Wealth and private banking
QIB serves affluent customers through dedicated lounges and private-banking-style facilities. This segment complements the mass retail franchise with more tailored financing, deposits, investment, and relationship-management services designed for high-value customers while maintaining the bank's Sharia-compliant framework.
International banking · 2003
International Islamic finance activities
Through subsidiaries, affiliates, and investments, QIB has participated in Islamic financial services outside Qatar, including QIB-UK, Arab Finance House in Lebanon, Asian Finance Bank in Malaysia, and related ventures. The international portfolio has changed over time, including QIB's 2018 divestment from Asian Finance Bank.
Controversies
2020
Hostage survivor sues Qatar Islamic Bank
Matthew Schrier filed a lawsuit against Qatar Islamic Bank, alleging that donations and charities channeled through the bank supported al-Qaeda-aligned militants and that the bank failed to properly vet its clients. Qatar Islamic Bank denied the allegations.
Brand decisions
2019
International sukuk issuanceOtherBackground
QIB sought international funding and investor participation through an Islamic capital-markets instrument.
Action taken
It priced a five-year US$750 million sukuk at par with a 3.982% profit rate.
Aftermath
The transaction attracted approximately US$3.1 billion of orders, or about 4.1 times the issue size, from more than 140 investors in 28 countries.
Sukuk issuance size. US$750 million (March 2019)
2018
Exit from Asian Finance BankM&ABackground
QIB had held a substantial interest in Asian Finance Bank as part of its international Islamic-banking portfolio.
Action taken
The bank sold its entire 60% stake to Malaysian Building Society Bhd.
Aftermath
The transaction reduced QIB's direct ownership exposure to Asian Finance Bank and represented a reshaping of its international holdings.
Recent events
QIB and Visa partner on World Cup promotion[3]
Reported:
Qatar Islamic Bank (QIB) partnered with Visa on a FIFA World Cup Qatar 2022 promotion offering customers chances to win match-attendance packages and other prizes.
QIB launches Visa Direct remittance service in Qatar[4]
Reported:
Qatar Islamic Bank launched Visa Direct, a remittance service developed in partnership with Visa that lets QIB customers transfer funds to overseas Visa cards in near real time.
QIB launches Dhareeba payment service[5]
Reported:
Qatar Islamic Bank announced the launch of Dhareeba, a service enabling retail and corporate customers to settle tax invoices through the QIB mobile app and Corporate Internet banking.
QIB won Best Retail Bank in Qatar[6]
Reported:
Qatar Islamic Bank received the Best Retail Bank in Qatar award at the 12th Annual Retail Banker Trailblazer Awards 2021 and was also recognized in three other categories.
QIB wins three Asset Triple A Islamic Finance Awards[7]
Reported:
Qatar Islamic Bank (QIB) received the Islamic Bank of the Year, Islamic Issuer of the Year – Financial Institution, and Best Bank Sukuk awards at the Asset Triple A Islamic Finance Awards 2021.
QIB receives two EMEA Finance awards[8]
Reported:
Qatar Islamic Bank (QIB) received the awards ‘Best Islamic bank in Qatar’ and ‘Best product launch in the Middle East’ at the EMEA Finance Middle East Banking Awards 2021.
QIB announces promotional home-finance offer for Qatari citizens[9]
Reported:
Qatar Islamic Bank announced a limited-time home-finance offer for Qatari citizens, featuring reduced profit rates, an extended repayment grace period and waived fees.
- Unconfirmed
QIB wins three Global Finance awards[10]
Reported:
Qatar Islamic Bank was named Best Islamic Bank in the Middle East, Best Islamic Bank in Qatar, and World's Best Islamic SME Bank in Global Finance's annual awards.
Hostage survivor sues Qatar Islamic Bank[2]
Reported:
Matthew Schrier filed a lawsuit against Qatar Islamic Bank, alleging that donations and charities channeled through the bank supported al-Qaeda-aligned militants and that the bank failed to properly vet its clients. Qatar Islamic Bank denied the allegations.
Sources12 sources
- 1Qatar Islamic Banken.wikipedia.org
- 2Hostage survivor sues Qatar Islamic Banknewsweek.com
- 3QIB与Visa合作推出世界杯推广活动gulf-times.com
- 4QIB在卡塔尔推出Visa Direct汇款服务gulf-times.com
- 5QIB推出Dhareeba缴税服务gulf-times.com
- 6卡塔尔伊斯兰银行获评卡塔尔最佳零售银行gulf-times.com
- 7QIB 获得三项 Asset Triple A 伊斯兰金融奖gulf-times.com
- 8QIB获得两项EMEA Finance奖项gulf-times.com
- 9QIB宣布面向卡塔尔公民的住房融资优惠qatar-tribune.com
- 10QIB荣获三项《环球金融》奖项menafn.com
- 11Qatar - QIB introduces Dhareeba payments to its Mobile App, Corporate Internet Bankingmenafn.com
- 12QIB wins 6 accolades from Global Finance Best Digital Banks Awards 2021gulf-times.com
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