High salaries in Qatar’s banking and financial sectors

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Qatar’s banking and financial services sector’s average monthly pay discloses a whopping QR23,750 in 2011 which is more than thrice the national average, reveal figures by the Qatar Statistics Agency.

In 2010, the average was QR19,416 and rose over 20 percent in 2011 thereby making 2012 a better year. Banks offered the highest pay packages, with their monthly average salary being QR30, 250 in 2011, according to data released by QSA yesterday.

While insurance companies ranked second, their average monthly pay was almost half of the banking sector with QR15,333, a small decline from QR15,833 in 2011. Financial service providers improved their pay packages from QR 12,083 in 2011 to QR15,000 as the average pay, as per QSA figures.

In 2010, there were 105 organisations in the banking and finance sector with 19 banks, 14 insurance providers and 72 financial services companies (including real estate developers and stock brokers) in Qatar. By 2011, this number grew to 109 with two new insurance firms and two new financial services providers coming in.

The staff strength in the sector was 15,519 in 2011, up slightly from 14,907 the previous year. Of this, banks accounted for the largest share (8,893).

The salaries seem to be justified when one looks at the gross value added (GVA) to the sector in 2011 totaling a staggering QR2.26m, which worked out to QR188, 666 per employee per month. The GVA for the banking sector averaged QR211,666 monthly.

Source: The Peninsula

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