Where to bank in Qatar
 

The Qatari banking sector comprises of a combination of national and foreign banks. A total of 15 banks currently operate in Qatar, seven of which are Qatari owned institutions, including five commercial banks (Al Ahli Bank, Commercial bank, Doha Bank, Grindlays Qatar Bank, and Qatar National Bank) and two Islamic institutions (Qatar Islamic Bank and Qatar International Islamic Bank).
Also represented is the local branches of seven foreign banks including Arab Bank, Bank Saderat Iran, HSBC, Mashreqbank, BNP Paribas, Standard Chartered, and United Bank. A specialized government owned institution - Qatar Industrial Development Bank, was established in 1997 and provides financing to small and medium scale industries.
Recent developments in the domestic banking sector has seen the sale of a 40% stake in Al-Ahli Bank of Qatar to Al-Ahli Bank of Bahrain. This marks the first instance in which a foreign financial institution has taken up a stake in a Qatari bank.
The banking sector is supervised by Qatar Central Bank  (QCB), which was incorporated in 1993 when it took over the responsibilities of the former Qatar Monetary Agency. The QCB has introduced major international standards applicable to banking supervision and regulations based on the Basle Accord. Qatar Central Bank  has set the minimum capital adequacy regulations applicable to Qatari banks at 10%, compared to the Basle rate of 8%. In February 2001, the QCB removed its ceiling on interest rates for local currency deposits, thereby freeing the banking system from all interest rate policy restrictions.
The majority extend standard individual banking facilities and most offer 24-hour access to accounts through Automated Teller Machines (ATMs) and some via telephone or PC banking or through call centers.
 

What you need to open an account

As with most things in Qatar, holding a valid Residence Permit or Work Visa is the key to opening an account. It's not necessary to actually hold the Residence Permit plastic card, but rather that you have a stamp in your passport which states your eleven-digit RP number.

How to open an account

Once you have proof of your residence permit, all that is required is a letter from your employers or sponsor confirming that you are in their employ and stating your monthly salary in Qatar Riyals. The letter must carry the company's official stamp, When you go to your chosen bank to open your account, it is a good idea to take several passport sized photos with you; these are often required on plastic cards for added security.

The types of accounts and products available


Various accounts are available, including familiar current and savings accounts with instant access. The only thing to consider is the facilities you require, For instance, a cheque book is not issued on savings accounts. However, cheques are not so widely accepted for purchases here as they are in some other countries; most payments are in cash or by plastic cards (either debit or credit). The banks will be able to give you further details of the various accounts they offer.
With over 95 branches and more than 1-50 ATMs in Qatar, account holders are never far from their money. Additionally, debit and credit cards are welcomed at all major establishments in payment for goods and services, Locally issued debit and credit cards are mainly either Visa or MasterCard-based, and are therefore accepted around the world.

As well as their standard current and savings accounts, all the commercial banks in Qatar offer the same range of standard facilities you would expect to find anywhere in the world including personal loans, vehicle loans, debit cards, credit cards, travelers cheques, money transfers etc. Selected banks also offer specialized accounts such as VIP, ladies, students or children's accounts, plus electronic banking platforms such as telephone and PC banking which offer 24 hour-a-day, seven days a week access. (Deposit accounts can be in Qatar Riyals, US Dollars etc. and the Islamic Banks offer a special range of services which are approved by religious scholars.)

source : Marhaba magazine

Qatar Central Bank (QCB)

Qatar Central Bank  was established in August 1993 to replace Qatar Monetary Fund. It works to uphold the stability of the finance market. Its capital has been increased to reach QR. 1 billion. The strength of the Qatari Riyal is attributed to the strength the Qatari economy and the huge revenues of hard currency earned from the exports of oil, gas and heavy industries products, in addition to the stability of the banking system. The Bank has been continuing its policy to liberalize interest rates since 1995. According to this policy banks are free to determine the interest rates without restrictions, which created the right condition for healthy competition among the banks operating in the country.

Insurance Sector

The insurance sector is one of the saving and investment facilities available in the country's economic structure. Presently there are 8 insurance companies of which 4 are joint stock companies, while the rest are representative agencies of overseas companies. The latest indicators of the activity of insurance sector in Qatar reflect an outstanding growth represented in an increase in the number and diversity of the sector's services, development of its work techniques and expansion of its role in the country's economic and social development. Insurance Companies participated with the national banks in the establishment of private companies. More>>