Qatar

Lenders can approach financial innovation from any angle. Some choose to bolt on products and adapt as they go; others tear up the rulebook and start again.

Small and medium-sized enterprises have long played a key role in Qatar Islamic Bank’s drive for innovation. The bank aligns itself closely with the country’s Vision 2030 plan, which is underpinned by a desire to diversify an economy long dependent on a handful of big corporates, and revenues earned from gas sales.

Last year was another good one for Qatar National Bank: it reported net profit of QR14.4 billion ($3.96 billion) in 2019, up 4% year on year, with total assets, deposits and loans all increasing 10% over the same period. In the first quarter of 2020, QNB reported a net profit of QR3.57 billion, despite raising loan loss provisions due to coronavirus.