Qatar has a second tier of Shariah-compliant lenders that most car and personal finance shoppers never consider: finance companies licensed by the Qatar Central Bank that do not take deposits but do finance cars, homes, boats and businesses. The two Islamic ones are First Finance Company (FFC), founded in November 1999 and wholly owned by Dukhan Bank since 2010, and Al Jazeera Finance, branded Tamweel, operating since 1989 and 30% owned by QIB. First Finance publishes the most generous car terms in the market, 0% down for Qataris and expatriates with instalments up to 72 months for Qataris and 48 for expatriates, and real estate finance up to 15 years with 30% down and no salary transfer. Neither publishes a profit rate. Our Islamic car financing guide for Qatar covers the bank products.
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What a QCB-licensed finance company is, and how to check the licence
A finance company in Qatar is a non-bank lender supervised by the Qatar Central Bank. It does not hold current or savings accounts, so it cannot require a salary transfer in the way a bank does, and it funds itself from capital and bank lines rather than deposits. First Finance describes itself as the first finance company in the State of Qatar regulated by the Central Bank of Qatar; Al Jazeera Finance describes itself as a company licensed by the Qatar Central Bank. Both operate under the same consumer rules the QCB applies to banks on caps and conduct, and complaints that a company does not resolve go to the QCB's Customer Protection Department.
To check a licence, ask the company for its QCB licence number and commercial registration, and compare them with the list of licensed financial institutions on qcb.gov.qa. We could not fetch that list on 28 September 2026 because the QCB's sector pages returned errors, so we rely here on each company's own statement and, for First Finance, on Dukhan Bank's ownership. A finance company owned by a QCB-regulated bank sits inside that bank's consolidated supervision. Our Dukhan Bank profile carries the house verdict on the parent.
First Finance Company: Dukhan Bank's showroom-floor lender
First Finance was founded in November 1999 with capital of QAR 50 million, which grew to QAR 639 million by 2009. In 2010 Dukhan Bank acquired 100% of its shares, and FFC presents itself as a member of the Dukhan Bank Group. It is based at 321 C Ring Road, Doha, with opening hours of 7:30 to 19:00 Sunday to Wednesday, 7:30 to 14:30 on Thursday and 8:00 to 13:00 on Saturday, and a call centre on +974 4455 9999. Its Shari'ah and Fatwa Advisory Board is chaired by Shaikh Dr Waleed Mohammed Hadi, with Shaikh Dr Esam Khalaf Al-Enezi as member and Shaikh Dr Osama Qais Al-Dereai as executive member, and the site describes a Shari'ah audit team reporting on compliance with the board's decisions.
The contracts page is unusually explicit for a Qatari lender. It describes musawama, where FFC buys the asset and resells it to you without disclosing its cost; murabaha, cost plus a known profit for goods imported on your request; ijara for property and equipment; istisna for construction through contractors you approve; mudarabah profit-and-loss sharing for business ventures; and a sale-of-benefits product for education, training and events. For car and personal finance, musawama is the likely contract, which means the profit is embedded in a bargained price rather than itemised. Ask which contract applies and request the schedule.
| FFC product | Published terms | Documents |
|---|---|---|
| Car finance | 0% down for Qataris and expats; up to 72 months Qataris, 48 expats; grace up to 3 months; no admin charges; new and used | QID, passport for expats, 3-month stamped statement, salary certificate, quotation in FFC's name |
| Personal finance | No admin fees; grace up to 3 months; long-term instalments; debt takaful | QID, passport, 3-month stamped statement, new salary certificate |
| Real estate | Ijara ending in ownership or musawama; 30% down; up to 15 years; grace up to 6 months; no salary transfer; takaful on financed amount | 6-month stamped statement, QID, passport, salary certificate, title deed and plan, two approved valuations |
| SME goods | Instalments up to 36 months; goods from inside or outside Qatar | CR, trade licence, audited or internal financials, 6-month statement, quotations |
| SME vehicles and equipment | Instalments up to 60 months; grace up to 6 months; no admin fees | As above |
The car terms are the headline. A 0% down payment is a published feature for both nationalities, where QIB's vehicle finance page asks residents for 20% down, QIIB asks expatriates for 40%, and AlRayan limits non-Qataris to 80% of the invoice value. Our review of zero-down car financing in Qatar explains what a 0% deposit does to the instalment and the early settlement figure. FFC's homepage also records the dealer relationship that makes finance companies different: on 2 October 2025 Alfardan Automotive and First Finance launched a permanent financing programme for Alfardan's premium brands, with applications started through the FFC mobile app before the customer visits the showroom. Marine and travel finance complete the retail menu.
Al Jazeera Finance, Tamweel: QCB-licensed Islamic finance since 1989
Al Jazeera Finance, branded Tamweel on its site, has operated since 1989, which makes it older than every Islamic bank in Qatar except QIB itself. QIB's own group page lists it as an associate, 30% owned, chaired by Saeed Al Khayareen with Amer Mohamed Al Jabri as chief executive. The company describes itself as licensed by the Qatar Central Bank and serving Qatari nationals, residents and SMEs with financing for housing, personal and commercial needs. The call centre is on +974 4405 0444 and applications can start in its app on iOS and Android.
Its retail lines are real estate, personal, vehicle, marine and other consumer financing. The real estate page publishes a down payment starting from 30%, a grace period of up to six months and repayment terms of up to 15 years, for Qataris and residents, the same shape as FFC's product. Vehicle finance offers a grace period of up to three months and exclusive offers from approved partner dealers, and personal finance offers the same three-month grace with flexible repayment. Required documents across the lines are a certified three-month bank statement, a recent salary certificate, a Qatar ID, a passport copy for residents and, for cars, a recent quotation addressed to Al Jazeera Finance. Business lines cover vehicles and equipment, project finance, working capital and trade and inventory finance. The homepage calculator takes an amount and a term of 12 to 48 months for individuals, but as fetched it displays no profit rate input or assumption, so treat its output as an illustration until the company confirms the rate.
What the finance companies publish, and what is quote-only
Neither company prints a profit rate, a maximum finance amount or a minimum salary. Both describe their rates as competitive. FFC publishes tenors, down payments, grace periods and the absence of administration charges; Al Jazeera publishes grace periods, the 30% real estate deposit and the 15-year term. What neither publishes is the early settlement formula, the takaful rate, or the late payment treatment, so those are the three questions to ask before signing, in writing. The QCB caps on retail finance, QAR 2 million including profit for Qataris and QAR 400,000 for residents as the banks publish them, apply to finance companies as well, and so does the instalment-to-salary ceiling, which is why both companies ask for a salary certificate and a stamped statement.
One structural point matters for cost. A bank funds car finance from deposits; a finance company funds it from capital and bank lines, which usually cost more. Dealer programmes can subsidise the rate, so the quote is not always worse, but never accept a finance company's rate without a bank quote beside it. FFC's own parent, Dukhan Bank, publishes QAR 10,000 as its minimum salary for vehicle finance with salary transfer, QAR 2 million over six years for Qataris and QAR 400,000 over four years for expatriates, with free life takaful on the financed amount; if you meet those terms, ask Dukhan first and FFC second.
Finance companies against the four Islamic banks on car finance
| Lender | Down payment | Max tenor | Salary transfer | Published rate |
|---|---|---|---|---|
| First Finance | 0% Qataris and expats | 72 months Qataris, 48 expats | Not stated on car page | No |
| Al Jazeera Finance | Not stated | Not stated; calculator to 48 months | Not stated | No |
| QIB | 20% for residents | Calculator to 72 months | Required | No, in-app only |
| Dukhan Bank | Not stated | 6 years Qataris, 4 years expats | Required, QAR 10,000 minimum | No |
| AlRayan Bank | Non-Qataris up to 80% of invoice | Not stated | Mandatory | QMR O/N lending + 1.5% |
| QIIB | 40% for expatriates | 72 months Qataris, 48 expats | Required | 5.60% to 5.85% by segment |
The bank rows draw on each bank's vehicle finance page and on our four-bank car finance comparison for Qatar. Read as a whole, the table shows the trade: the finance companies win on entry terms and tenor, the banks win on price visibility and, through salary transfer, on the convenience of a single relationship. QIB, QIIB and AlRayan Bank each require your salary to arrive at the bank; FFC's real estate page says no salary transfer is required, and its car page is silent.
When a finance company says yes where a bank says no
- Your employer is not on a bank's approved list, so the bank declines or demands a higher salary floor, while a finance company assesses the salary certificate and statement on their own terms
- You cannot or do not want to move your salary, because your existing bank holds other finance or your employer pays through a fixed WPS arrangement
- You want a premium or used car on the dealer's floor today, through a programme such as Alfardan Automotive's with First Finance, rather than a bank's approval cycle
- You have no cash for a deposit, and First Finance's 0% down payment is the only published zero-deposit term in the market
- You are self-employed with a commercial registration, and the SME lines at both companies are written for that case
The reverse cases are just as real. A finance company will not help you if the QCB cap is the constraint, because it binds both. It will usually cost more than a bank if you qualify at the bank, and its early settlement terms are unpublished. And for a luxury purchase, the 72-month tenor at 0% down is the arithmetic that our luxury car financing reality check warns about: a long tenor on a depreciating asset with no equity from day one.
Who should use a finance company, and who should stay with a bank
Use First Finance if you are an expatriate without a deposit who needs a car this month, if you are buying through a dealer that runs an FFC programme, or if you want real estate finance without moving your salary and can put down 30%. Use Al Jazeera Finance if you want a second quote on the same terms, especially for a boat or an SME line, and if you value a lender that has been through more than three decades of Qatari cycles. In both cases, ask for the contract type, the annual profit rate on a reducing balance, the takaful rate and the early settlement formula, in writing.
Stay with a bank if your salary already goes there and you meet its floor: Dukhan at QAR 10,000, with free life takaful, is FFC's own parent and should be your first ask before its subsidiary. Choose QIIB if you want a printed rate and can fund a 40% deposit as an expatriate, and AlRayan if you want the formula pricing. Use our comparison tool to shortlist by salary and deposit, get one bank quote and one finance company quote on the same car, and sign the one whose written schedule costs less over the term you will actually keep the car. Facts checked against ffcqatar.com, aljazeera.com.qa, dukhanbank.com, qib.com.qa, alrayan.com, qiib.com.qa on 28 September 2026.
Frequently asked questions
Which Islamic finance companies operate in Qatar?
Two QCB-licensed finance companies offer Shariah-compliant products: First Finance Company, founded in November 1999 and wholly owned by Dukhan Bank since 2010, and Al Jazeera Finance, branded Tamweel, operating since 1989 and 30% owned by QIB. Both finance cars, real estate, personal needs, marine craft and SMEs. Neither takes deposits; they are lenders only, supervised by the Qatar Central Bank.
Is First Finance Company owned by Dukhan Bank?
Yes. First Finance's about page states that in 2010 Dukhan Bank acquired 100% of the company's shares and that FFC is a member of the Dukhan Bank Group. The company started with QAR 50 million of capital in 1999, rising to QAR 639 million by 2009, and operates from 321 C Ring Road in Doha with a call centre on +974 4455 9999.
Does First Finance offer 0% down payment car finance?
Yes, on its published terms. The car finance page lists a 0% down payment for Qataris and expatriates, instalments up to 72 months for Qataris and 48 months for expatriates, a grace period of up to three months, no administrative charges, and availability for new and used cars. Documents are a QID, a passport for expatriates, a three-month stamped bank statement, a salary certificate and a quotation in FFC's name.
What is Al Jazeera Finance Tamweel?
Tamweel is the brand name of Al Jazeera Finance, a Qatar Central Bank licensed Islamic finance company operating since 1989. It offers real estate finance with 30% down over up to 15 years, personal and vehicle finance with a grace period of up to three months, marine finance and SME lines. Applications start in its app or on +974 4405 0444. QIB's group page lists it as a 30% owned associate.
Do Qatar's finance companies publish their profit rates?
No. Neither First Finance nor Al Jazeera Finance printed a profit rate on 28 September 2026; both describe rates as competitive. Al Jazeera's homepage calculator takes an amount and a term but shows no rate input as fetched. Ask for the annual rate on a reducing balance, the takaful rate and the early settlement formula in writing, and compare with QIIB's published 5.60% to 5.85% and AlRayan's QMR plus 1.5% formula.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Do QCB finance caps apply to finance companies as well as banks?
Yes. The Qatar Central Bank's retail caps, QAR 2 million including profit for Qataris and QAR 400,000 for residents as the banks publish them, and the instalment-to-salary ceilings, apply across QCB-supervised lenders, which is why both finance companies ask for a salary certificate and a stamped bank statement. A finance company cannot lend you more than a bank; it can only say yes on different terms.
