Qatar: Takaful contributions' share nearly doubled to 11% between 2020 and 2024

Source: Middle East Insurance Review | Jun 2025

Islamic finance assets’ value reached QAR694bn ($190.7bn) 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 QAR586bn in 2024, growing at a 6.8% 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 ‘Qatar Islamic Finance Report 2025: Expanding Horizons’, said that sukuk issued by Qatari entities more than tripled from QAR9.2bn in 2020 to QAR30.4bn in 2024 and gross takaful contributions 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 QAR10bn in 2024, with a projected CAGR of 10% through 2028, said the report. M

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