Asset management has $35bn opportunity in Qatar - The Peninsula Qatar

Asset management has $35bn opportunity in Qatar - The Peninsula Qatar:

Valued at an estimated $97bn by the end of 2017, the banking system holds the largest share (81 percent) of Qatar’s total Islamic finance assets. Collectively, Qatar’s four Islamic banks posted 9.1 percent year-on-year growth in assets during the year, resuming its medium-term trend of outpacing conventional banking asset growth.

The increase in Islamic banking growth translated to an increase in Islamic banking penetration reaching 43 percent of real GDP in 2017, up from 4 percent the previous year, according to QFC’s ‘Qatar Islamic Finance Report 2018’.

The report noted that the Asset management industry has a $35bn opportunity in Qatar. “Domestic private wealth is estimated at $35bn, with 290 ultra-high net worth individuals with more than $30m in investable assets. These individuals are being targeted by the QFCRA through special licences granted for foundations and investment clubs, in the former case giving legal.”