(MENAFN- The Peninsula)
London: Minister of Finance H E Ali Shareef Al Emadi has said Qatar's banking sector is strong enough to withstand the fall in oil prices. The country's banking system has time and again proved that it is resilient to downturns. The banking sector will withstand this crisis as well, he said while speaking at a panel discussion on 'Qatar's Financial Power in the Qatar-UK Business & Investment Forum in London, yesterday.
'Qatar's banking sector has always proved that it is resilient to global downturns. It is doing really well despite the slump in oil prices. The banks were funding projects at a time when the oil prices were at $20. Now the prices are ranging between $50 and 60, he said.
The minister said Qatar's banking sector has transformed into one of the best in the world over the past two decades. 'If you look at where were we yesterday and where we are today, you will realise that our banks are really growing. We are not only doing great, but we are expanding across the globe. Qatar's presence in the UK's banking system is very strong. Currently, four Qatari banks are operating in the UK. Across the globe, Qatari banks are catering to over 7 million customers. In the process of diversifying Qatar's economy, the banking sector is playing a critical role. ' We are looking to keep 50 percent of our GDP away from hydrocarbon sector. Qatar banks are not only financing mega projects; now they are increasingly focusing on SMEs, which is key for realising Qatar Nation Vision 2030. Currently, overall we are growing at a rate of 3.5 percent. But the private sector is growing at a rate of 5 percent.
Qatar National Bank CEO Ali Ahmed Al Kuwari said Qatar will go ahead with its spending commitment. He said Qatar has been growing an average rate of 8.7 percent over the past five years. The banking sector's net income is growing continuously. He said the trade links between Qatar and the UK have been deepening over the years, especially in the real estate sector.
'Currently Qatar' investment in UK stands at $35bn. QNB is very active in facilitating investments in t UK. QNB is actively supporting Qatari companies operating in the UK. Our vision is to enable businesses in UK, he said.
QIIB CEO Abdul Basit Ahmed Al Shaibei said Islamic banking, as an industry is growing and expanding to more regions. However, he called for a more aggressive strategy to grow further.
He said Qatar has strong potential to emerge as a hub for Islamic financing in the region. There is a huge untapped opportunities in Islamic lending. Both Qatar and UK can partner effectively in further boosting the Islamic lending sector. He stressed the need for creating a better environment to spur the growth of Islamic banking system.
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