How do you see the Qatari economy evolving in the next few years, and what factors do you believe will drive growth?
As Qatar progresses toward Qatar National Vision 2030, the economy is set for substantial growth — primarily driven by the increase in liquefied natural gas production from the North Field expansion.
This positions Qatar as a key player in the global energy landscape, and enhances its economic strength and resilience. Qatar’s commitment to diversifying its economy through tourism, advanced infrastructure and full digital transformation initiatives will be crucial in driving growth even further.
Qatar’s financial and capital markets are set to lead the region in innovation, sustainability, efficiency and investor protection. These strategies exemplify Qatar’s unwavering dedication to fostering sustainable prosperity and being a global economic powerhouse.
How well prepared is the banking sector for potential challenges like swings in energy prices or geopolitical instability?
The evolving economic landscape presents both challenges and opportunities for Qatar’s banking sector. Well regulated by the Qatar Central Bank, the financial sector has taken a proactive approach to strengthening risk management — through adopting Basel III standards and embracing FinTech innovations.
The country’s strategy places strong emphasis on financial services as a critical component of its broader economic diversification goals, with a focus on digitalisation and technological innovation. Qatar’s banking sector is therefore well equipped to navigate the complex challenges posed by global instability.
At Dukhan Bank, our customer-first strategy and an emphasis on digital transformation have underpinned our strong financial performance amid fluctuating global conditions.
Our commitment to continuous product innovation, designed to enhance the customer experience, ensures resilience and growth. The use of state-of-the-art technology and other initiatives, such as fostering a highly tech-savvy talent pool, have proved successful in maintaining stability and achieving targets.
What are some of the highlights from the bank’s financial performance over the last year?
Dukhan Bank has achieved several exceptional milestones over the last year, exemplified by a historic net profit of QAR1.3bn ($348m) for the year ended December 31, 2023.
This financial strength was further demonstrated by the bank’s successful direct listing on the Qatar Stock Exchange. During the first half of 2024, the bank continued to build on this success, with a net profit of QAR784m.
We continue to push our drive for digital banking innovation, while consistently launching new services that cater to the dynamic needs of customers. This includes the ‘Fawran’ for instant money transfers; the Smart Kiosk for secure card printing; the first national prepaid ‘Himyan’ card; and the integration of seamless digital payment platforms.
These innovations were complemented by the declaration of Dukhan Bank’s first interim dividend of 8% — equivalent to QR0.08 per share.
How is the bank addressing sustainability and ESG, and what role do these play in your strategy?
Dukhan Bank’s ESG strategy is closely aligned with Qatar’s National Vision 2030 and promotes the integration of sustainable practices across every facet of our operations.
We have established a dedicated ESG Committee to oversee the implementation of our sustainability efforts, focusing on three core pillars: sustainable finance, sustainable operations and community. Our strong governance practices ensure transparency and accountability, reinforced by regular ESG reporting.
Notably, we have launched several ‘green’ products, such as electric car financing, which underscore the bank’s commitment to driving sustainable financial solutions.
Our digital transformation strategy also plays a pivotal role in reducing our carbon footprint through increased digitalisation, minimised waste and environmental exclusion screening.
How is digital transformation shaping the evolution of banking in Qatar, and what technological innovations is the bank prioritising?
Digital transformation is reshaping Qatar’s banking landscape, enabling institutions to remain competitive in a rapidly changing global environment. Dukhan Bank is at the forefront of this evolution, leveraging cutting edge technology to deliver innovative and Shariah-compliant solutions.
Our artificial intelligence-powered virtual assistant ‘Rashid’, alongside advanced services such as ‘Fawran’, the Smart Kiosk and contactless payment, highlight our commitment to leading the sector by integrating seamless, secure and innovative banking solutions that enhance the customer experience.
By focusing on FinTech and our award-winning mobile banking app, as well as our best-in-class financial services, Dukhan Bank is ensuring it remains agile and well positioned to continue pioneering the increasingly competitive banking sector, particularly in the digital realm.
What are the bank’s strategic priorities over the next three to five years, and how do you plan to achieve them?
Dukhan Bank’s priorities revolve around our commitments to digital transformation and sustainability, both of which align with Qatar’s National Vision 2030 and aim to enhance the bank’s market position.
We plan to invest heavily in advanced technologies — including AI, digital payment platforms and advanced mobile banking services — to offer seamless, innovative and secure financial solutions to our customers.
Through robust ESG reporting and adherence to the UN Sustainable Development Goals, Dukhan Bank is dedicated to responsible business practices that contribute to long term value creation, contribute to Qatar’s wider economic objectives, and ensure that the bank remains a key player in the development of the region’s financial sector.