Security Analysis of Qatari Banks - Coursework Example

Security Analysis of Qatari Banks Security Analysis of Qatari Banks Introduction This report presents a comprehensive analysis of the banking industry of Qatar by considering the industry trends and macroeconomic variables in the country. Apart from this, a detailed financial performance and stock performance analysis of five major banking companies operating in the Qatari banking industry, which include Qatar Islamic Bank, Masraf Al-Rayan, Qatar National Bank, Doha Bank QSC and Ahli Bank QSC. The financial analysis includes a detailed ratio analysis for the selected banks, which takes into account the financial performance and information pertaining to the last five financial years. This analysis provides an insight about the financial strength and performance of the five banks. On the other hand, the report includes stock performance analysis, which has been carried out by conducting a comparative analysis of each bank’s stock with industry indices and the values for each bank’s stocks have also been forecasted. In this regard, beta has been calculated for each bank and Capital Asset Pricing Model and Dividend Growth Model have also been used to arrive at the forecasted stock price for each bank. Overview of the Banks Considered for Analysis In this section, a brief profile for each bank selected in this report for analysis has been presented. Qatar Islamic Bank Qatar Islamic Bank is a pure Islamic banking operating in the Qatari banking industry. The bank provides its products and services with respect to three main areas, which include corporate, retailing and investment. All products and services offered by the bank are in strict compliance with the Islamic Shariah Laws. Through a network of its subsidiaries, the bank operates in four major segments, which include: a. Wholesale Banking Segment; b. Personal Banking Segment; c. Group Function Segment; and d. Local and International Subsidiaries Segment (Financial Times, 2014a). Masraf Al-Rayan Masraf Al Rayan QSC is also an Islamic banking company which operates in the Qatari banking industry. The bank provides services related to four broad areas, which include banking services, investment services, financial services and brokerage services all over Qatar by means of a well-integrated network of 12 branch offices. The three major areas targeted by the bank include: a. Corporate Banking Segment; b. Retail Banking Segment; and c. Al Rayan Investment Segment (Financial Times, 2014b). Qatar National Bank Qatar National Bank provides both conventional and Islamic banking products and services in the Qatari banking industry. There are four main segments in which Qatar National Bank operates, which include: a. Corporate Banking Segment; b. Consumer Banking Segment; c. Asset and Wealth Management Segment; and d. International Banking Segment (Financial Times, 2014). Doha Bank QSC The Doha Bank QSC is a commercial bank which operates in Qatar as well as in other countries too. Doha Bank QSC has a large customer base and is considered amongst the top banking financial institutions operating in the Qatari banking industry. The bank has categorised its operations into three broad segments, which include: a. Corporate Banking Segment; b. Retail Banking Segment; and c. Insurance Activities Segment (Financial Times, 2014c). Ahli Bank QSC Ahli Bank QSC is also a banking institution operating in the Qatari banking industry, which provides commercial banking services and retail banking services. Ahli Bank QSC provides all of its services through two major segments in the Qatari banking industry, which are as follows: a. Retail and Private Banking and Wealth Management Segment; and b. Corporate Banking Segment (Financial Times, 2014d). Financial Analysis of Selected Banks Ratios of all the banks have been computed over the period of 5 years so that impact of significant ratios that are not representative of the bank’ usual performance are nullified. Ahli Bank Significant ratios and trends of Ahli bank are as follows: Price/Earnings Ratio: Since 2009, the price earnings ratio of Ahli bank is continuously declining. In 2009 it was 25.09 as against 14.35 in 2014. This is alarming for bank as price earnings ratio indicates the expectations of the shareholders with the performance of the banks. Such lower expectations may have derived due to poor cash flow of the bank as discussed following. Cash Operation/Net Income: Cash operation to net income ratio produces a negative ratio of 1.34 which is alarming of the bank. Since its inception bank has been struggling to cope against the cash flow crisis. In 10 out of 21 quarters since 2009, bank has produced negative cash flow from banks. Negative cash flow indicates the liquidity crisis which ultimately brings menace to the existence of entity, this is the main reason why the investors’ expectations are declining against banks. Yet there are some positive indicators for bank performance which are discussed below. Net Interest Income / Total Operating income: Interest income is the core income of the bank. At Ahli, bank has shown improvement in core banking operations as Net interest income to total operating income ratio has increased over the period of time from 58.53 in 2009 to 78.63 in 2014. Such consistent performance in banking operations is supported following growth ratios. Growth Ratios: Contrary to years from 2009-2011 which showed negative loan growth, the bank has now gained substantial growth in loans. It is showing above 20% growth in loans over last 4 quarters consistently. Similar is the case with deposits, contrary to the initial years from 2009-2011 in which not even showed a single double digit growth, it has now achieved more than 20% growth in deposits in the last 5 quarters. As the bank excels at banking operations, the customers have proved their confidence in the bank by adding to bank deposits. Such an increase in deposits and loan will definitely lead the bank to regain the investors’ confidence also. Doha Bank Doha bank has been showing a bit stagnant performance which means that it is neither expanding nor contracting significantly. This phenomenon is evident from number of indicators which are as follows: Return on assets has been around 2.5 in the last 5 years. Net interest margin has been around 3.3 in the last 5 years. Despite the growth of bank in many avenues such as following, bank has not been able to mark any significant growth. Detailed analysis of the growth ratios indicate that the bank has been marking similar growth rates in deposits and loans which offset each other’s impact leaving a minimum growth rate for the bank. Moreover, earnings growth has been poor over the last 5 quarters; less than 2. Mar 2014 Assets Growth (%) 22.39 Book Value Growth (%) 24.71 Deposits Growth (%) 30.9 Earnings Growth (%) 1.02 Loan Growth (%) 26.63 Revenues Growth (%) 4.97 Furthermore, the cash flow of the bank is also disturbed. Average Cash operation to net income ratio since 2010 has been -0.10. Just because of this poor cash flow and decreasing income, bank has not been able to invest in any ventures. Since 2009, on average total investments to total assets ratio has been close to 0 i.e. 0.13. Yet Doha bank has not let the investor confidence go down, the bank has been paying dividends of 4.5 on consistent basis. This dividend pattern has also maintained the price earnings ratio. P/E ratio has been around 10 in the past years which proves that the investors are still hopeful about the performance of the banks. It seems possible because bank has been showing consistent growth in loans which is one of the main source of bank revenue. Growth in Loans Mar 14 Dec 13 Sep 13 Jun13 Mar-13 26.63 22.26 23.85 21.68 16.44 Masraf Al Rayan Masraf al Rayan (Masraf) has been showing consistent growth in the business. It has shown above 15 return on equity on average over the last 5 years. Furthermore, it has been able to attain the operating margin of 80 on average in the last 5 years. This proves the continuous growth of Masraf. Masraf has been increasing its Islamic banking operations which is a growing business in Middle East. The efficiency of the operations of Masraf is displayed from the operating expenses to Income from Islamic banking ratio. Said ratio of Masraf has increased to 29.32 as against 13.95 in 2010. Consistent profits are adding to the growth of Masraf as a whole which are evident from the following ratios: Mar 14 Assets Growth (%) 10.95 Revenues Growth (%) 5.33 Total Financing & Investing Act. Growth (%) 4.82 Book Value Growth (%) 6.42 Deposits Growth (%) 14.98 Earnings Growth (%) 8.06 In Dec 2012, the growth in the company’s assets growth declined from 25 to 11, after that Masraf has recovered and has been able to achieve a steady growing rate of asset growth. But such recovery has not been able to retain the confidence of the investors. The book Value Growth of Masraf has been declining on consistent basis which is shown below: The declining investor confidence stems out from low dividend payments by the bank. Since 2009, company only paid dividends of around 1 per share. The main reason for low and nonpayment of dividends is because of the cash flow crisis of the bank. Since 2009, bank has not been able to produce positive cash flows from operations. Definitely, poor operations cash flow never allowed the bank to resort to any huge investing activity. All these factors led to the decline of price/book ratio. The company shares market value has been declining continuously; in March 2009 it was 7.02 as compared to 3.77 in March 2014. Conclusively, bank needs to apply some aggressive strategies to grow its operations, income and cash flow. Until the generation of cash flow, it is impossible for the bank to pursue any investing and financing activity actively. Bank has opted it right to grow in Islamic banking which is a growing lucrative industry. Qatar Islamic Bank Qatar Islamic Bank (QIB) has shown a varying performance over last 5 years. In 2009, 2010 and 2012, it showed negative growth in earnings which hurt its overall performance. The return on assets of QIB has reduced significantly over the period of time; it was 4.27 in 2009 and it is 1.61 in 2014. This indicates that the banks strategies are not moving in the right direction. Such a declining return on assets will discourage the investors’ confidence that may put company under more pressure. Bank has produced negative cash flows in the last 5 years which have brought more crisis for the banks. For compensating the investors, the bank has maintained a high pay out percentage of more than 70%. Such high dividend payment satisfies the shareholders for a short term only. As bank pays more, it has lesser residual cash left to invest. Shareholders can only by satisfied in the long run by making profitable investments which add to the dividend payment also and capital increase in share prices also. Dividend yield of the bank seems stable at 4.00, however this must be seen along with the market price/ book value ratio. Dividend yield might have increased because of the decrease in market price of the shares. In case of QIB, it is true because market price/book value ratio of the bank has declined significantly from 3.13 in 2009 to 1.94 in 2013. This indicates that the bank is not able to retain the confidence of the investors. For showing betterment in the performance, bank has to increase its revenue and investments. Until Mar 2014, Bank has shown increase in deposits by 44.86% which is not accompanied by a similar increase in revenues and earnings showing growth of 15.37% and 15.2% respectively. This shows that interest costs are increasing which will disturb the structure of operating cost / operating income. Bank must ensure to increase its loans disbursement and other investments so that its operating margins and cash flows improve. Qatar National Bank Qatar National Bank (QNB) is a growing bank that shows significant improvement in its financial results. The bank shows high return on equity of 22.53% which is contributed by high operating margin of 44.59%. Bank has focused on its core banking operations and earned much of its revenue from interest. Interest income contributes around 54.61% of the total income and is twice the interest expenses of the bank; interest expense are 55.51% of interest income as against 33.04% in 2009. This proves that the bank has performed over a period of time to achieve such excellent improved ratios. QNB has dividend payout percentage of just 48.23% which indicates that the bank aims at saving and investing. This strategy of bank has enabled it to invest more in assets. Over the last 5 years, bank has grown its asset by 25% per year which signals that banks has long term plans to grow in the industry. The bank’s dividend yield has been declining continuously; it was 3.78% in 2009 and it is 1.4% in 2014. Such low dividend yield is primarily due to the fact that bank pays lesser dividends. Despite such dividend yield, investor confidence is increasing in QNB. Since 2009, the price earnings ratio has increased by three times from 13.25 in 2009 to 34.56 in 2014. Market metrics also indicate positive for QNB; the price/book value of share ratio produces result of 7.79 as at Mar 2014 which is 3 times more than the ratio of 2009 which was 2.57. Although QNB has been performing well, it still needs to improve its investments portfolio; it has maintained investments to total assets ratio at 0.12. The bank must invest to spread its investments portfolio so that its risk is diversified. Such diversification will assist bank to combat against any new entrants in the market who may decrease the pace of its growth. Macroeconomic Analysis As a matter fact, banking industry is seemingly affected by various factors. Some of the factors can easily be controlled by the banking institutions while other factors are in control of government and market situation. Herein, it is significant to understand such factors as it provides an insight to analyze the operations of banking sector. Talking about factors that can easily be controlled by the banking institutions is management process that is responsible for input and output of transactions. In the same fashion, factors that cannot be controlled by the banking institutions are macroeconomic in nature. To name few, increasing rate of inflation has a direct impact on the banking operations. Depreciation of the foreign exchange rate is another factor that is uncontrollable by the banking institutions which has a direct impact on the banking operations. In the past, it has been noted that a number of countries have faced closure of banking institutions because they were not able to afford the operations in economies which were greatly inflated (White, Bingham, & Hill, 2003). Herein, interest rates have an adverse impact on stock markets. At this point, one needs to understand that the interest rate remains a rate on which a borrower makes use of the money of another person. Federal bank has a rate that applies to the bank for making use of others money. In case there is an increase in the interest rate then it becomes difficult for the banks to obtain money. Also, in a situation where banks are able to get the money then the overall rate does not result in effective banking products that can help the stock markets undergo profitability (Boyes & Melvin, 2010). Other than that, it is highly significant to discuss gross domestic product (GDP) dominating the efficiency and workability of stock markets in every part of the world. After all, GDP is the measure that is used by any country to estimate the overall economic activity of the country. Growth in overall GDP maintains that the country has been able to spot the transactions of products as final. Also, the major part of the GDP measure remains compensations on which depreciation is also marked. In case there is a growth in GDP, it indicates that the overall performance of the country has resulted in increased supply and demand which is yet another imperative factor of macroeconomics (White, Bingham, & Hill, 2003). Another aspect that must be noted here is the impact of monetary policy which has a direct impact on the stock market. The fact remains that fiscal policy is controlled by the government of any country. Similarly, monetary policy is controlled by the central bank of the respective country. In case the Federal reserve bank of the country exercise a monetary policy allowing the stock market to experience increase supply of money then it will buy certain securities in the stock market. In case the opposite is decided by the central bank then the securities are sold leading towards a dramatic decrease of supply of money to the stock market. It is due to this reason that banks ultimately become incapable of lending more money. The amount of money that stays as a possession of the bank are also made liable for deposit by the central bank. This notes that there is a certain percentage of the money that are needed to be deposited within the bank (Boyes & Melvin, 2010). Banking Industry Trends Talking about the banking industry of Qatar, it can be said that it plays a significant role in the Qatar economy. In particular, the industry has been extremely successful in financing many business projects that have developed the economic situation in Qatar and also provided investors to find Qatar as the desirable stock market for investment. Till date, it is estimated that the industry has been able to provide funds on loans or in the shape of other banking products which equals to 1050 trillion riyal. This makes it an evident case that the internal matters and management of the banking institutions have a direct impact in the Qatari economy (Khamis, Al-Hassan, & Oulidi, 2013). As mentioned in above, Qatar banking institutions have also underwent a number of influences and effects by the macroeconomic factors that have resulted in fluctuations in the banking industry. Many studies have been conducted in order to understand the relationship between the macroeconomic factors and their impact on banking industry. It should be noted that a number of reports have marked that the future trends of the Qatar banking industry will remain attractive for the investors. It is because the banks at Qatar banking industry comply with the international standards of stock markets. However, this situation was far different about ten years because there was a lot of space for improvement in the industry. Talking about the crisis of 2008-2009, it was marked that central bank in Qatar failed to take responsible precautions to make sure that there was no speculation in the banking industry. Some of the notable issues that were observed in this scenario included rest estate issues as well as increased exposure to equity. A major change in trend was noted in 2011 when the central bank introduced an inflexible policy to limit personal borrowing. This made it crucial for the banks to lend money to individuals. However, in recent years, it is being noted that borrowing has relatively become easier and much stable. It will not be incorrect to state that the market shares are sound in the Qatar giving enough space to the banking sector of Qatar to flourish and comply with international standards. Some of the financial advisors and reporters have estimated that the risk factor in Qatar banking industry remains same even after a decade because of increase in lending for the purpose of real estate. In addition growth in assets has also resulted in the risk associated with the share market of Qatar. Therefore, it is notable that the factor of competition remains heated in Qatar banking industry (Khamis, Al-Hassan, & Oulidi, 2013). Another reason behind increased competition between the banking institutions is because the size of the stock market in Qatar is limited because of the policy by the central bank. Many banking institutions have also felt the need of expanding their operations to abroad to meet their organizational and financial goals. The highest price competition can also be discussed in here to count few reasons that have led into the increase of competition within a small sized stock market as Qatar itself. It is due to this reason that the banking institutions in Qatar are fairly dependent upon the funding that is transacted by the customers. It is expected by the banking institutions that in coming years, the ratio of the deposit of loan will be attractive so that more banking products can be created to cater the need of customer’s and organization’s financial goals. FIFA World Cup in 2022 is yet considered to be a major front-set for the Qatar banking industry as more deposits are likely to be made during the session of matches and financing of the overall event. The trends of banking sector in Qatar have been made stable because of the supportive nature of the government as well (Khamis, Al-Hassan, & Oulidi, 2013). Security Analysis For the purpose of analysing the market value of securities for each bank, a comprehensive analysis has been presented for each bank in the following sections. In this regard, first of all beta values for each bank’s stock has been determined by calculating the covariance of the stock with respect to market and the overall market variance. These two values have then been used to determine the beta value. Apart from this, standard deviation in the expected returns and correlation coefficient between market index and each bank’s stock price have also been determined. In addition to this, for the purpose of forecasting the stock price of each bank, CAPM model has been used to find out the cost of equity for each bank, which is then followed by the application of dividend growth model. Through dividend growth model, stock prices forecasted for each bank have been determined. Qatar Islamic Bank The analysis of stock performance for Qatar Islamic Bank has been presented as follows. The covariance determined for the Qatar Islamic Bank’s stock with respect to market indicates a slight variance in the bank’s stock price with respect to market indices during the selected period of time. On the other hand, market variance has been minimal too, which is 0.16, thus implying a standard deviation of + or - 4 in the stock market indices for banking sector. Moreover, the beta value for Qatar Islamic Bank indicates low volatility of its stock in the market. Apart from this, a small standard deviation is also noted in the in the expected return on stock. Covariance Variance (market) Beta Expected Return Std. Dev. Correlation Coefficient 0.0000074 0.16 0.0000466 0.0128 0.0017 Determination of Cost of Equity for Qatar Islamic Bank For the purpose of determining cost of equity for Qatar Islamic Bank, the Capital Asset Pricing Model has been used as follows, which has concluded the cost of equity for the bank to be 4.5 %. Capital Asset Pricing Model (CAPM) Rf 4.50% Rm 2.12% Beta 0.0000466 Ke 4.49988923% Determination of Forecasted Stock Price for Qatar Islamic Bank Keeping in view the cost of equity determined above, the growth rate has been determined for the dividends paid by the bank to its stockholders, which is 0.58 %. After that, using dividend growth model, the forecasted price has been calculated, which is QAR 88.41. This forecasted price indicates that at present the stock price of the bank is slightly overstated. Do 4.00 Dividend Payout Ratio 0.66 Retention Rate 0.34 ROIC 0.02 G (Growth Rate) 0.58% D1 4.02 Dividend Growth Model Ke = D1 / (P + 1)   P = (D1 / Ke) - 1   P 88.41 Masraf Al Rayan The analysis of stock performance for Masraf Al Rayan has been presented as follows. The covariance determined for Masraf Al Rayan’s stock indicates a negative but small variance in the bank’s stock price with respect to market indices. Moreover, the beta value for Masraf Al Rayan indicates low volatility of its stock in the market. Covariance Variance (market) Beta Expected Return Std. Dev. Correlation Coefficient (0.0000331) 0.16 (0.0002084) 0.0127 (0.0069) Determination of Cost of Equity for Masraf Al Rayan For the purpose of determining cost of equity for Masraf Al Rayan, the Capital Asset Pricing Model has been used as follows, which has concluded the cost of equity for the bank to be 4.5 %. Capital Asset Pricing Model Rf 4.50% Rm 2.12% Beta (0.0002084) Ke 4.50049541% Determination of Forecasted Stock Price for Masraf Al Rayan Keeping in view the cost of equity determined above, the growth rate has been determined for the dividends paid by the bank to its stockholders, which is 1.56 %. After that, using dividend growth model, the forecasted price has been calculated, which is QAR 32.85. This forecasted price indicates that at present the stock price of the bank is overstated. Do 1.50 Dividend Payout Ratio 0.39 Retention Rate 0.61 ROIC 0.03 G (Growth Rate) 1.56% D1 1.52 Dividend Growth Model Ke = D1 / (P + 1)   P = (D1 / Ke) - 1   P 32.85 Qatar National Bank The analysis of stock performance for Qatar National Bank has been presented as follows. The covariance determined for Qatar National Bank’s stock indicates a negative but small variance in the bank’s stock price with respect to market indices. Moreover, the beta value for Qatar National Bank indicates low volatility of its stock in the market. Covariance Variance (market) Beta Expected Return Std. Dev. Correlation Coefficient (0.0000390) 0.16 (0.0002459) 0.0129 (0.0092) Determination of Cost of Equity for Qatar National Bank For the purpose of determining cost of equity for Qatar National Bank, the Capital Asset Pricing Model has been used as follows, which has concluded the cost of equity for the bank to be 4.5 %. Capital Asset Pricing Model Rf 4.50% Rm 2.12% Beta (0.0002459) Ke 4.50058443% Determination of Forecasted Stock Price for Qatar National Bank Keeping in view the cost of equity determined above, the growth rate has been determined for the dividends paid by the bank to its stockholders, which is 1.19 %. After that, using dividend growth model, the forecasted price has been calculated, which is QAR 156.39. This forecasted price indicates that at present the stock price of the bank is overstated. Do 7.00 Dividend Payout Ratio 0.44 Retention Rate 0.56 ROIC 0.02 G (Growth Rate) 1.19% D1 7.08 Dividend Growth Model Ke = D1 / (P + 1)   P = (D1 / Ke) - 1   P 156.39 Doha Bank QSC The analysis of stock performance for Doha Bank QSC has been presented as follows. The covariance determined for Doha Bank’s stock indicates a small variance in the bank’s stock price with respect to market indices. Moreover, the beta value for Doha Bank indicates low volatility of its stock in the market. Covariance Variance (market) Beta Expected Return Std. Dev. Correlation Coefficient 0.0001913 0.16 0.0012049 0.0154 0.0356 Determination of Cost of Equity for Doha Bank QSC For the purpose of determining cost of equity for Doha Bank QSC, the Capital Asset Pricing Model has been used as follows, which has concluded the cost of equity for the bank to be 4.5 %. Capital Asset Pricing Model Rf 4.50% Rm 2.12% Beta 0.0012049 Ke 4.49713631% Determination of Forecasted Stock Price for Doha Bank QSC Keeping in view the cost of equity determined above, the growth rate has been determined for the dividends paid by the bank to its stockholders, which is 0.57 %. After that, using dividend growth model, the forecasted price has been calculated, which is QAR 99.63. This forecasted price indicates that at present the stock price of the bank is understated. Do 4.50 Dividend Payout Ratio 0.71 Retention Rate 0.29 ROIC 0.02 G (Growth Rate) 0.57% D1 4.53 Dividend Growth Model Ke = D1 / (P + 1)   P = (D1 / Ke) - 1   P 99.63 Ahli Bank QSC The analysis of stock performance for Ahli Bank QSC has been presented as follows. The covariance determined for Ahli Bank’s stock indicates a small variance in the bank’s stock price with respect to market indices. Moreover, the beta value for Ahli Bank indicates low volatility of its stock in the market. Covariance Variance (market) Beta Expected Return Std. Dev. Correlation Coefficient 0.0014964 0.21 0.0072469 0.0333 0.0990 Determination of Cost of Equity for Ahli Bank QSC For the purpose of determining cost of equity for Ahli Bank QSC, the Capital Asset Pricing Model has been used as follows, which has concluded the cost of equity for the bank to be 4.5 %. Capital Asset Pricing Model Rf 4.50% Rm 2.12% Beta 0.0072469 Ke 4.48277652% Determination of Forecasted Stock Price for Ahli Bank QSC Keeping in view the cost of equity determined above, the growth rate has been determined for the dividends paid by the bank to its stockholders, which is 0.55 %. After that, using dividend growth model, the forecasted price has been calculated, which is QAR 50.79. This forecasted price indicates that at present the stock price of the bank is at par. Do 2.31 Dividend Payout Ratio 0.72 Retention Rate 0.28 ROIC 0.02 G (Growth Rate) 0.55% D1 2.32 Dividend Growth Model Ke = D1 / (P + 1)   P = (D1 / Ke) - 1   P 50.79 Conclusion The financial analysis of the banking institutions in Qatar has revealed that there is a mixed trend among the banks operating in the country. However, the banking industry offers a vibrant market and opportunities for banking institutions in the country with favourable macroeconomic conditions. On the other hand, the security analysis performed with respect to the five banks indicate that the banks have been able to maintain consistency with respect to their stock performance over the selected period of time. In addition, the expected stock values of the banks are also showing consistency in the years ahead, although they strongly depend on the financial as well as market performance of these financial institutions. References Boyes, W., & Melvin, M. (2010). Macroeconomics. New York: Cengage Learning. Financial Times. (2014, May 20). Qatar National Bank SAQ: Business Profile. Retrieved from markets.ft.com: http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=QNBK:DSM Financial Times. (2014a, May 20). Qatar Islamic Bank SAQ: Business Profile. Retrieved from markets.ft.com: http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=QIBK:DSM Financial Times. (2014b, May 20). Masraf Al Rayan QSC: Business Profile. Retrieved from markets.ft.com: http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=MARK:DSM Financial Times. (2014c, May 20). Doha Bank QSC. Retrieved from markets.ft.com: http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=DHBK:DSM Financial Times. (2014d, May 20). Ahli Bank QSC: Business Profile. Retrieved from markets.ft.com: http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=ABQK:DSM Khamis, M., Al-Hassan, A., & Oulidi, N. (2013). The GCC Banking Sector: Topography and Analysis (EPub). New York: International Monetary Fund. White, S., Bingham, R., & Hill, E. (2003). Financing Economic Development in the 21st Century. New York: M.E. Sharpe. Read More