QNA
Doha
Qatar Financial Markets Authority (QFMA) organised a specialised introductory seminar on the debt instruments market in Qatar.
The seminar featured participation from representatives of the QFMA, alongside speakers from the Qatar Central Bank (QCB) and Qatar Stock Exchange (QSE). Discussions during the seminar addressed the legislative development and transformations in Qatar’s bond and sukuk market, as well as the legislative requirements for the offering and listing of bonds and sukuk on the QSE.
Participants highlighted the importance of the debt instruments market as a key pillar supporting the development of Qatar’s financial sector. They noted that this initiative is primary strategic objective for the QFMA, explaining that the debt instruments market constitutes a pivotal component of the State’s Third Financial Sector Strategy.
Participants outlined the key regulatory developments in Qatar’s bond and sukuk market, highlighting the legislative and regulatory advancements regarding offering and listing of bonds and sukuk.
They also noted the recent infrastructure upgrades within the debt market, alongside initiatives aimed at expanding both the investor and issuer base, such as the Primary Dealers Framework. They further underscored the importance of the bond and sukuk market in financing listed companies and the national economy.
Participants also addressed key topics related to enhancing trading and liquidity in the market, aimed at facilitating the exchange of bonds and sukuk among investors, underscoring the importance of advancing the investment funds sector and strengthening the credit rating industry. They also discussed the overall size of the debt instruments market relative to the equity market.
QFMA’s efforts to develop and strengthen the debt market were outlines and its vital role in driving Qatar’s strategic national plan and fostering a more efficient, sustainable financial sector were noted.
Participants emphasized that the QSE provides listed companies with access to debt financing as a genuine alternative to equity financing, thereby broadening their range of financial tools rather than replacing them. Bonds and sukuk enable companies to secure long-term financing beyond the scope of shares and their role is to ensure that this access remains seamless and reliable.
They explained that the QSE role has evolved beyond serving solely as a platform for equity trading; rather, it is now part of a broader financing ecosystem that enables listed companies to diversify their funding sources between equity and debt instruments.
Through listing and trading of bonds and sukuk, the QSE provides a regulated and transparent channel that allows companies to access medium- and long-term financing, while simultaneously driving disclosure, fostering price discovery, and connecting issuers with a broader investors base.
Participants further emphasized that QSE is actively working to enhance transparency and boost investor confidence to fuel market growth.
They affirmed that the QSE has recently achieved significant, tangible milestones in launching and developing the fixed-income market. This underscores that the debt market is no longer a mere concept or future plan, but an established reality featuring a diverse range of government and corporate instruments, reflecting progressive growth in market depth and an expanding base of products and issuers.
On the government debt front, the number of instruments listed on the QSE reached approximately 104 as of December 31, 2025. These instruments carried a total outstanding value of QAR 166 billion, diversified across government bonds, government sukuk, and Treasury bills (T-bills), thereby establishing a substantial foundation for developing a deeper and more diversified fixed-income market.
Participants stated that, on this basis, the QSE has achieved several clear and practical milestones:
First, it has built a broad base of government debt instruments listed with a total value of QAR 166 billion as of the end of 2025.
Second, it launched the corporate debt market through the introduction of the first corporate bonds and the first corporate sukuk in 2025.
Third, in 2026, it expanded the product range with the listing of sustainable bonds, green sukuk, and a landmark QAR-denominated banking issuance.
The total value of the aforementioned institutional issuances between November 2025 and February 2026 amounted to approximately QR3 billion, diversified across conventional bonds, Islamic sukuk, sustainability bonds, and green sukuk.
These milestones reflect the transition of the QSE fixed-income market from the foundational stage to a phase of active growth. This evolution supports
the diversification of investment products, provides alternative financing channels for corporations, and deepens the Qatari capital market in alignment with the State’s financial sector development goals.
On a strategic level, these milestones contribute to deepening the market and enhancing liquidity levels by expanding the base of instruments available to both investors and issuers alike.
They also support the diversification of investment products on the QSE, particularly through the listing of bonds, sukuk, and sustainable finance instruments, including Sharia-compliant products.
These developments align with the objectives of the Third Financial Sector Strategic Plan to develop capital markets, expand financing and investment options, and strengthen the financial market’s role in supporting sustainable economic growth in Qatar.