The Qatar Financial Centre (QFC) has released the latest Islamic Finance Report, highlighting the region’s position as a regional hub for fintech advancement.
The QFC’s report highlights how Doha is creating an Open Banking ecosystem focused on optimising the financial services landscape by supporting secure data sharing and payment integration between banks, fintech companies, and third-party providers. These moves fall in line with Qatar’s broader commitments to scale financial innovation, expand digital banking, and facilitate sustainable economic transformation.
Open Banking in Qatar
Open Banking enables third-party service providers to access customer financial data through APIs, in turn facilitating the development of new financial products and services. This model can be especially beneficial when applied to Islamic finance, as it allows the creation of personalised, Shariah-compliant solutions, such as real-time Zakat calculation tools and bespoke investment portfolios that include sukuk and equity funds.
The QFC report underlines that Open Banking is rapidly gaining ground across the Gulf Cooperation Council (GCC), with banks adopting the model to optimise the customer experience and support financial inclusion. When it comes to Qatar, financial institutions are integrating emerging technologies, including artificial intelligence, machine learning, and blockchain, into their operations to facilitate digital transformation and expand efficiency. Additionally, Islamic banks are leveraging Open Banking to provide advanced products that fall in line with ESG objectives and sustainability mandates.
Furthermore, these offerings assist in Qatar’s national decarbonisation and just transition efforts by allowing more sustainable, ethical, and inclusive financial systems. Another study from PricewaterhouseCoopers (PwC) supports QFC’s findings, emphasising that Open Banking in Qatar is becoming a key pillar in the region’s digital banking roadmap. By adopting Open Banking frameworks, Qatar can improve customer satisfaction, accelerate fintech growth, and support the entry of new participants in the market.
According to QFC, Qatar’s Open Banking strategy, which currently witnesses scaling regional momentum and increasing investor interest, can shape the future of digital and Islamic finance in the Middle East.
