An economic study issued by Bait Al-Mashura Company confirmed the efficiency of the measures taken by the State of Qatar to confront the repercussions of the pandemic, and the study concluded that Qatar presented a successful model in containing the repercussions of the emerging corona virus on the economy through a major economic stimulus package and successful measures and measures that proved their efficiency and effectiveness, as these were not limited to Measures on quantitative management only, but extended to include financial policies, in support of private sector companies affected by the crisis.
The study monitored the package of economic measures and incentives undertaken by the State of Qatar to avoid the consequences of the emerging Corona crisis, and studied its effects on some indicators of the Qatari economy, with reference to Islamic financial institutions in Qatar and their dealings with those procedures, and the study issued by Bait Al-Mashoura Financial Consulting concluded, Dr. Ibrahim Hassan Jamal, Director of Studies and Research at Al-Mashura House, sheds light on the effectiveness of the economic incentives and decisions taken by the State of Qatar in limiting the repercussions of the new Corona crisis, and the ability of Islamic financing institutions to benefit from stimulus programs, taking into account their specificity and financing nature.
A study by Professor Ahmed Mahdi Belwafi, Professor of Economics and Islamic Finance, indicates that the Islamic finance sector is able to face the challenges of Corona as a result of the enjoyment of Islamic banks with solid capitalization with an average capital adequacy rate of 18.2%, a level much higher than the requirements of the Basel 3 standard, which provides comfort and strength in facing The implications of the new Corona virus, noting that the “Basel 3” standards represent a set of global banking systems developed by the Bank for International Settlements with the aim of supporting stability in the global financial system. The study pointed out that the application of social distancing after the emergence of the Corona virus will stimulate the digital banking transformation of Islamic banks and financial institutions to adopt Fintech technologies An increase in the volume of investments in financial technology “fintech” is expected by 25% to the level of 310 billion dollars by the year 2022, noting that the total investments in the sector reached 128 billion dollars in 2018.
