Islamic finance assets' value reached QR694bn by the end of 2024, with Islamic banking and sukuk making up 97% of the total, according to the Qatar Financial Centre (QFC) report.

Islamic banking assets hit QR586bn in 2024, growing at a 6.8% compound annual growth rate (CAGR) since 2020, outperforming the conventional banks, said the QFC report, which was unveiled at the recently held QFC Islamic Finance Forum, jointly hosted by the QFC and the London Stock Exchange Group (LSEG).

The forum “Enabling Transformation”, which brought together industry leaders and policy experts, featured high-level discussions on strategies for modernising Islamic finance and shaping its future across banking, capital markets, and fintech.

Sukuk issuance by Qatari entities more than tripled from QR9.2bn in 2020 to QR30.4bn in 2024 and gross written premiums in the Takaful industry rose to $1.9bn in 2024, with market share nearly doubling from 6% to 11% between 2020 and 2024.

Islamic FinTech transaction volumes tripled to nearly QR10bn in 2024, with a projected CAGR of 10% through 2028, said the Qatar Islamic Finance Report 2025: Expanding Horizons, which mapped key developments in Qatar’s Islamic finance sector over the past five years, with insights on market trends, regulatory progress, and alignment with the Qatar financial sector strategic plan.

The forum also witnessed the launch of the QFC sukuk guide, which provides a concise overview of Qatar’s sukuk market since 2005. It also outlines common sukuk structures and explains the legal and regulatory frameworks relevant to issuers under the QFC platform.

"Through our collaboration with LSEG on the Qatar Islamic Finance Report 2025, we aim to support stakeholders with the insights and tools needed to tap into the growing opportunities within Qatar’s dynamic financial sector,” said Yousuf Mohamed al-Jaida, chief executive officer, QFC Authority.