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Commercial Bank of Qatar history, profile and corporate video

Commercial Bank of Qatar is a holding company engaged in conventional banking, brokerage services, and credit card business. It operates through the Commercial Banking and Subsidiaries segments. The Commercial Banking segment provides corporate and retail banking services. Corporate banking provides funded and non-funded credit facilities; demand and time deposit services; currency exchange facilities;interest rate swaps; other derivative trading services, loan syndication, and structured financing services; and management of money market funds and proprietary investment portfolio. Retail banking covers personal current, savings, time, and investment account services; credit card and debit card services; consumer and vehicle loans; residential mortgage services; and custodial services. The Subsidiaries segment manages the credit card services in Oman and brokerage and investment services in Qatar. The company was founded on April 10, 1975 and is headquartered in Doha, Qatar.

Commercial Bank of Qatar History in depth

A pioneering institution at the forefront of the meteoric rise of Qatar’s economy, The Commercial Bank of Qatar was established as the country’s first private bank in 1975.

Founded by a small group of enterprising businessmen, spearheaded by Hussain Alfardan, the Bank’s self-imposed mission was a challenging one: to introduce the concept of modern banking to a mostly unbanked nation.
The development of Qatar
Surrounded almost entirely by the sea, Qatar’s major industries from the 1700s onwards consisted of pearl fishing and trading. The introduction of the artificial pearl and the ensuing economic crash of the early 1930s resulted in a depressed economy in the region for decades.
Despite the discovery of oil in 1939, the Second World War delayed the exploitation of oil resources and exports. It was not until the 1970s that Qatar began to experience its first boom of consistent expansion and modernisation from oil revenues.
By the time of independence in 1971, the country’s banking and financial services were still minimal.
Until 1971 the government had relied on foreign banking institutions, while local financial services for Qataris had been concentrated in unregulated, privately owned and run exchange houses, which dealt in foreign currencies and precious metals…”

*Information from Forbes.com and Cbq.com.qa

**Video published on YouTube by “Commercial Bank of Qatar