KPMG has launched the inaugural edition of its annual ‘Qatar banking perspectives’ publication, examining key issues and trends in the global banking industry and how they impact banks in the country.
In this first edition, subject matter experts from KPMG’s dedicated financial services practice share their views on a range of topics such as: culture and governance, cybersecurity, and banking regulations, the role of artificial intelligence in fraud detection, and the current trends in Islamic finance.
The publication complements KPMG’s GCC listed banks’ results report, which sets out some of the key financial indicators, issues and expected trends in the future for the banking industry in the region.
Omar Mahmood, head (Financial Services for KPMG in the Middle East & South Asia) and partner at KPMG in Qatar, said, “The banking perspectives looks at some of the key trends we are seeing globally, through the lens of the local banking industry here in Qatar and provides insights that we hope readers will find valuable.
Qatar’s banking sector continues to maintain resilience, amidst an evolving regulatory landscape and continued technological change, while also embracing the digital agenda.”
KPMG’s Qatar banking perspective 2019 raises awareness of the opportunities and challenges in the ever evolving banking sector and provides points of view on how to successfully navigate through this complex environment.
In its overview, the report said local financial institutions will need to increase their focus on international reporting protocols, regulatory compliance, forthcoming VAT implications, digital transformation, mitigating fraud and cybercrime risks and facilitating a highly valued corporate governance culture that will benefit all stakeholders.
In terms of Qatar banking sector’s financial performance, KPMG said, “2018 has been a positive year for listed banks in Qatar, with an average 9.5% growth in net profit and 3.2% growth in total assets, which demonstrates strength and opportunities in the sector.
On Basel IV reforms, the KPMG report said, “Qatar is committed to adopting revised Basel IV guidelines and the QCB has already initiated consultative guidelines on the subject. The country has already adopted and implemented the Basel III framework ahead of some of its GCC peers.”