Dukhan Bank

Dukhan Bank
TypePublic
QSE: DUBK
IndustryBanking
Founded2008[1]
HeadquartersDoha, Qatar
Key people
  • Sheikh Mohammed bin Hamad bin Jassim Al Thani (Chairman)[2]
  • Ahmed I. Hashem (CEO)
  • Osama Ali Ibrahim Abu Baker (CFO)
  • Bashar Jallad (Treasurer, CIO)[3]
$368.8 million (2024)[4]
Total assets$32.4 billion (2024)[5]
Websitewww.dukhanbank.com

Dukhan Bank, or Dukhan Bank QPSC, (formerly Barwa Bank) is a Sharia-compliant bank located in Doha, Qatar. It also has corporate headquarters located in Lusail.[6] It is the third largest Islamic bank in Qatar[7] and operates in four segments: Wholesale Banking, Retail and Private Banking, Treasury and Investments Division, and Subsidiaries.[8] As of 2025, the company serves over 150,000 customers through its eight branches.[9]

The bank was founded in 2008[10] but rebranded to Dukhan Bank in 2020 following the merger of Barwa Bank and the International Bank of Qatar (IBQ) in 2019.[11] It was listed on the Qatar Stock Exchange (QSE) in 2023[9] with the ticker symbol "DUBK".[12] The General Retirement and Social Insurance Authority (GRSIA) is Dukhan Bank’s largest shareholder, with a nearly 25% stake, as of early-2025.[9] Sheikh Mohammed bin Hamad bin Jassim Al Thani is the Chairman,[13] and Ahmed I. Hashem is the acting group Chief Executive Officer (CEO).[14]

History

Barwa Bank incorporated in 2008 and began operations in 2009 as a full-service Shariah-compliant bank. It became Dukhan Bank in October 2020, after its 2019 merger with the IBQ.[11]

In 2022, Dukhan Bank brought Google Pay and Samsung Pay to Qatar. That year, it also launched its D-Tap product, a payment solution for merchants. In June 2022, Dukhan Bank joined Mastercard's Digital First Card programme, becoming the first bank in Qatar to do so.[15]

Dukhan Bank was listed on the QSE in 2023.[9] In January 2023, the bank's board of directors appointed Khalid Al Subeai as an advisor to the Chairman, Sheikh Mohammed bin Hamad bin Jassim Al Thani, and named Ahmed Hashem as acting CEO.[13] That same year, the bank launched an artificial intelligence (AI)-powered virtual assistant, named Rashid, that could help customers in English and Arabic through the bank's website, mobile app, online banking platforms, and WhatsApp.[15]

In 2024, Dukhan Bank issued a $800 million five-year senior unsecured Sukuk, the "largest issue achievement by a Qatari Islamic bank since 2020".[16][9] In November 2024, Qatar Financial Centre Authority (QFCA) entered into a Memorandum of Understanding (MoU) with Dukhan Bank.[17]

In June 2025, Dukhan Bank partnered with Visa to launch a personalized cash bonus programme, the "first of its kind" in the Central and Eastern Europe, Middle East, and Africa (CEMEA) region.[18]

In November 2025, Dukhan Bank signed a strategic MoU with Global Infrastructure Partners (GIP), a part of BlackRock, to provide Shariah-compliant private market products.[19]

In December 2025, Qatar Museums announced a partnership with Dukhan Bank to support the development of two cultural institutions: Dadu, Children's Museum of Qatar, and the Dukhan Bank Qatar Numismatic Center.[20][21][22]

In January 2026, the bank partnered with Intellect Design Arena and adopted the eMACH.ai Lending platform to help streamline its debt collection and management.[23] Also that month, Dukhan Bank signed an exclusive partnership agreement with Rafeeq, "Qatar’s first all-in-one national champion e-commerce and lifestyle platform".[24][25]

In February 2026, Dukhan Bank launched Qatar's first Qatar Digital Identity (QDI)-integrated digital self-serve kiosk at its headquarters in Lusail.[26][27] Also in February, Dukhan Bank announced a partnership with Dibsy "to support the advancement of Open Banking in the State of Qatar".[28] That same month, at the Web Summit Qatar 2026, Dukan Bank signed MoUs with PayLater[29] and DriveWealth,[30] as well as Sadad and Skip Cash.[31]

Frozen Iranian funds

Dukhan Bank was one of two Qatar banks—Al-Ahli being the other—reported to be holding $6 billion in frozen Iranian funds.[32][33] The total amount of frozen Iranian assets is estimated to be $100 billion and are spread across several countries.[34][35]

In September 2023, the $6 billion was part of an agreement in which the Biden administration brokered a hostage swap where five Americans were released in exchange for the U.S. authorizing a transfer of Iranian oil revenue from South Korean banks into Qatar accounts.[36][37] However, when Hamas committed the October 7 attacks in Israel, the funds were refrozen.[38]

By 2026, the funds were still frozen.[34] In April 2026, Iranian sources said the U.S. had agreed to unfreeze the funds, but the U.S. denied these claims.[39] In June 2026, the U.S. and Qatar were working on a plan to make funds available to Iran for humanitarian spending as part of a deal to end the Iran War.[34]

Subsidiaries

  • The First Investor (TFI) was acquired by Barwa Bank by 2010.[40] It is now the investment arm of Dukhan Bank.[41]
  • First Finance Co. (FFC) was acquired by Dukhan Bank in 2010.[42]

Recognition

In 2023, Euromoney named Dukhan Bank "the most transformed Islamic bank in Qatar".[15] That same year, the bank was ranked 28th on Forbes Middle East's 50 Most Valuable Banks 2023 list.[11]

Dukhan Bank was also named "World's Best Islamic Private Bank" at the Global Finance Awards in 2024, 2025, and 2026.[43][44][16]

Dukhan Bank was ranked 23rd on Forbes Middle East's 30 Most Valuable Banks 2025 list.[9]

In July 2026, the bank won the "Best Business Card Offering in MENA 2026" award by MEED during the MENA Banks Excellence Awards.[45]

References

  1. ↑
  2. ↑
  3. ↑
  4. ↑
  5. ↑
  6. ↑ "Dukhan Bank announces agreement with Rafeeq". Gulf Times. 2026-01-27. Retrieved 2026-07-08.
  7. ↑ "Dukhan Bank to List its Shares through QSE". Qatar News Agency. 2023-02-05. Retrieved 2026-07-13.
  8. ↑ "Dukhan Bank Q.P.S.C. (DUBK.QA)". Yahoo! Finance. Retrieved 2026-07-08.
  9. 1 2 3 4 5 6 Mughal, Waqar. "30 Most Valuable Banks 2025 - Dukhan Bank". Forbes Lists. Retrieved 2026-07-08.
  10. ↑ "Largest And Global Sovereign Wealth Fund Institute | SWFI". www.swfinstitute.org. Retrieved 2026-07-08.
  11. 1 2 3 Mughal, Waqar. "50 Most Valuable Banks 2023 - Dukhan Bank". Forbes Lists. Retrieved 2026-07-13.
  12. ↑ "Company Profile". Qatar Stock Exchange. Retrieved 2026-07-09.
  13. 1 2 "Dukhan Bank appoints Khalid Al Subeai as Advisor to Chairman, Ahmed Hashem as Acting CEO". The Peninsula. 2023-01-14. Retrieved 2026-07-09.
  14. ↑ "Interview: Ahmed I. Hashem, Acting Group Chief Executive Officer, Dukhan Bank". GlobalMarkets. 2025-10-17. Retrieved 2026-07-08.
  15. 1 2 3 Euromoney (2023-05-22). "The most transformed Islamic bank in Qatar 2023: Dukhan Bank". Euromoney. Retrieved 2026-07-08.
  16. 1 2 Stubing, Darren (2025-05-01). "Best Islamic Financial Institutions 2025". Global Finance. Retrieved 2026-07-08.
  17. ↑ "QFC Partners with Dukhan Bank to Provide Tailored Banking Services for Its Firms". Financial IT. 2024-11-11. Retrieved 2026-07-08.
  18. ↑ "Dukhan Bank and Visa launch CEMEA's first-of-its-kind cash bonus programme". Gulf Times. 2025-06-15. Retrieved 2026-07-08.
  19. ↑ "Dukhan Bank signs 'exclusive agreement' with GIP to provide Shariah-compliant strategic products, solutions". Gulf Times. 2025-11-09. Retrieved 2026-07-08.
  20. ↑ "Qatar Museums Announces Landmark Partnership with Dukhan Bank in Building Two New Cultural Institutions". Qatar News Agency. 2025-12-09. Retrieved 2026-07-08.
  21. ↑ "Qatar Museums partners with Dukhan Bank to build two new cultural institutions". The Peninsula. 2025-12-10. Retrieved 2026-07-08.
  22. ↑ "QM, Dukhan Bank announce landmark partnership to build cultural institutions". Qatar Tribune. 2025-12-10. Retrieved 2026-07-08.
  23. ↑ Khairnar, Shruti (2026-01-09). "Intellect partners Dukhan Bank to streamline debt collection and reduce agents' case handling time". The Digital Banker. Retrieved 2026-07-08.
  24. ↑ "Dukhan Bank announces agreement with Rafeeq". Gulf Times. 2026-01-27. Retrieved 2026-07-08.
  25. ↑ "Dukhan Bank signs exclusive partnership with Rafeeq". The Peninsula. 2026-01-27. Retrieved 2026-07-08.
  26. ↑ "Dukhan Bank launches Qatar's 1st QDI-integrated digital onboarding kiosk". Gulf Times. 2026-02-07. Retrieved 2026-07-08.
  27. ↑ "Qatar's Dukhan Bank rolls out digital onboarding kiosk". Kiosk Marketplace. 2026-02-13. Retrieved 2026-07-20.
  28. ↑ Baldeb, Irvin (2026-02-09). "Dukhan Bank Partners with Dibsy to Boost Open banking". INTLBM. Retrieved 2026-07-08.
  29. ↑ "Dukhan Bank signs exploratory MoU with PayLater". The Peninsula. 2026-02-05. Retrieved 2026-07-08.
  30. ↑ "Dukhan Bank and DriveWealth sign MoU to advance digital investment innovation". The Peninsula. 2026-02-06. Retrieved 2026-07-08.
  31. ↑ "Dukhan Bank signs MoU with Sadad and Skip Cash". The Peninsula. 2026-02-04. Retrieved 2026-07-08.
  32. ↑ "Iran to receive $6B in frozen funds held in Qatar, signaling potential shift in US sanctions posture". Crypto Briefing. 2026-06-29. Retrieved 2026-07-20.
  33. ↑ Roman, Gregg (2026-03-05). "Iran's $6 Billion Sits in Qatar. Give It to the Americans Tehran Killed". Middle East Forum. Retrieved 2026-07-20.
  34. 1 2 3 Ward, Alexander; Faucon, Benoit; Said, Summer (2026-06-20). "Exclusive | U.S., Qatar Work to Give Iran Access to Billions of Dollars in Frozen Cash". Wall Street Journal. ISSN 0099-9660. Retrieved 2026-07-20.
  35. ↑ R, Stephen N. (2026-06-17). "China, India, Iraq...: Where Iran's $100 billion is frozen". Gulf News. Retrieved 2026-07-20.
  36. ↑ "Five Americans detained in Iran released as part of deal for $6 billion in frozen assets". www.pbs.org. 2023-09-18. Retrieved 2026-07-20.
  37. ↑ "Qatar confirms $6 bln in unfrozen Iranian funds transferred to Doha triggering U.S.-Iran prisoner swap - source". Reuters. Archived from the original on 2024-11-02. Retrieved 2026-07-20.
  38. ↑ "US, Qatar work to release billions to Iran for humanitarian goods | The Jerusalem Post". The Jerusalem Post | JPost.com. 2026-06-20. Retrieved 2026-07-20.
  39. ↑ "Iranian source says US has agreed to unfreeze Iranian funds, Washington denies it". Reuters. 2026-04-11.
  40. ↑ White, Andrew (2010-01-17). "Barwa Bank gets green light on acquisition". Arabian Business. Retrieved 2026-07-14.
  41. ↑ Mughal, Waqar. "Haithem Al Katerji". Forbes Lists. Retrieved 2026-07-13.
  42. ↑ "About Us | FFC". www.ffcqatar.com. Retrieved 2026-07-13.
  43. ↑ Sanna, Fathima (2025-07-28). "Dukhan Bank recognized as 'World's Best Islamic Private Bank'". www.gccbusinessnews.com. Retrieved 2026-07-08.
  44. ↑ "Dukhan Bank named 'World's Best Islamic Private Bank'". The Peninsula. 2026-04-23. Retrieved 2026-07-08.
  45. ↑ "Dukhan Bank wins 'Best Business Card Offering in MENA 2026' at MEED MENA Banking Excellence Awards". The Peninsula. 2026-07-02. Retrieved 2026-07-08.
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