The Qatar Monetary Agency (QMA) was set up in 1973 with a mandate to carry out the functions of a central bank. It maintains supervision, coordination and control of the banking sector in addition to issuing directives necessary to guide and regulate the activities of the banks and the financial corporations operating in the country.
QMA also regulates insurance, circulation and withdrawal of currency, maintains stability of currency both inside and outside the country and guarantees that the Qatari riyal is freely convertible on the world market. It is also charged with planning a banking, financial, credit and monetary system that helps develop the national economy within the framework of a stable monetary system.

The Qatar Financial Centre (QFC) opened on May 1, 2005, is the backbone of the banking sector in Qatar. It has attracted many large international financial institutions and multi-national companies to set up businesses in Qatar's growing economy.

There are 14 commercial banks operating in the State of Qatar.

National banks:

Currency
The Qatari Riyal (QR) = 100 dirhams. Notes are in denominations of QR500, 100, 50, 10, 5 and 1. Coins are in denominations of 50, 25, 10, 5 and 1 dirhams; however, only the 50 and 25 dirham coins are in wide circulation, minting of the rest ceased in the 1970s and smaller denominations are becoming ever scarcer.
Note: The Qatari Riyal is fixed to the US Dollar at the rate of 1 US$ = 3.65 QR.

Credit & Debit Cards
American Express, Diners Club, MasterCard and Visa are widely accepted.
 
Traveler's cheque
Widely accepted. To avoid additional exchange rate charges, travelers are advised to acquire traveler's cheques in US Dollars, Euros or Pounds Sterling.
 
Banking hours
Banking hours in Qatar are between 7:30am to 1:30pm Saturday through Thursday.



Related Links

Qatar Financial Centre
Qatar Financial Centre has been designed to attract international financial services institutions and major multi-national corporations to share in the vision of a long-term and mutually beneficial partnership with Qatar

Qatar Banking Training Institute
The institute is committed to providing the highest quality of training and development of professional skills in Qatari banking and financing sctores. In an endeavor to achieve its short, medium and long term objectives, the institute dedicates its effort, time and recourses exclusively to providing its clients with the standard practices as well as the most recent global developments in the field.

Al Jazeera Islamic Co
Arabic only 

Commercial Bank of Qatar
The Commercial Bank of Qatar was established in 1975 as the first wholly owned private commercial bank in Qatar.

Diners Club Qatar 
 
Doha Bank
Doha Bank is the largest private commercial bank in the State of Qatar. It was incorporated in 1978 and commenced its banking business (including its International Banking services) in Doha, Qatar on March 15, 1979.

First Finance Co.
The First Finance Company is an Islamic financial company, aiming to satisfy all associates - shareholders, staff and customers - by means of providing them with highest quality, comprehensive Islamic financial services conducted by modern means and with the use of innovative techniques.

HSBC Qatar
A principal member of the HSBC Group since 1959, the bank's unique relationship with the Middle East dates back more than a century. Founded in London in 1889, it pioneered banking in the region and for decades was the only bank committed to supporting the area. Today HSBC provides a wide range of banking services for both corporate and individual customers in Qatar. HSBC is the largest foreign bank in Qatar and has four branches, in Doha Main Office, Al Sadd, West Bay and Rayyan, as well as a large network of ATMs at 18 different locations.

Mashreqbank Qatar
Mashreqbank psc is one of the leading banks in the United Arab Emirates (UAE), with total assets as at 31st December, 2004, of AED 31,949 million (US$ 8,698 million), making it the largest private bank in the UAE. It is the second oldest Commercial Bank in the UAE having originally been established as Bank of Oman Ltd. in 1967 in Dubai.

Qatar Central Bank
Qatar Central Bank has the pleasure to provide the visitors of its website with data and information related to its various activities.

Qatar Industrial Development Bank
It was established by Emiri Decree No. 14 of 1997. QIDB's objective is to play an active role in the economic and industrial development of the State of Qatar by helping diversify its industrial base through the promotion and financing of small and medium size industrial projects. The authorized capital of the Bank is QR. 200 million paid in full by the Government of the State of Qatar.

Qatar Islamic Bank
The bank adopts a unique strategy that considers systematic promotion of banking services, product and financing policies. Domestically. clients enjoy the best funding apparatus making use of the various companies established by the bank 

Qatar Islamic Insurance Company
Started transacting business in 1995, QIIC has grown rapidly to become a leading Takaful insurance company in Qatar. Combining adherence to the principles of Islamic Sharia' with innovatory and dynamic management, we have continually upgraded our operations, and now lead the field in introducing new products and services to our customers.

Qatar National Bank
QNB has for many years been a keen patron of a wide range of charitable, philanthropic, social and other worthy causes. In 1997, the Board of Directors initiated a dedicated Community Support Committee to further concentrate the Bank's efforts in these areas with a mission statement - To help build a better community for everyone in Qatar.

Standard Chartered Bank Qatar
Standard Chartered Bank is one of the world's best international banks - leading the way in Asia, Africa and Middle East. With its unique 150 years history in emerging markets, the Group has unmatched knowledge and understanding of its markets and customers. We have been in Qatar for over 5 decades and in fact, introduced banking in Qatar in 1950.

Doha Securities Market
Only in Arabic

Ernst & Young Qatar
The Qatar office is the oldest established audit and accountancy practice in the country having had a presence dating back to 1950, serving clients from the oil sector.