Qatar Joins AFAQ Payment System to Boost Gulf Transfers
On September 7, 2026, the Qatar Central Bank announced its integration into the AFAQ regional payment network, completing the participation of all six Gulf Cooperation Council (GCC) nations: the UAE, Saudi Arabia, Kuwait, Bahrain, Oman, and Qatar.
- All six GCC countries are now part of the AFAQ network with 74 participating banks.
- The system enables faster, direct, and cost-effective cross-border transfers in local GCC currencies.
- Three Qatari institutions joined in the initial phase: Doha Bank, Qatar International Islamic Bank, and Dukhan Bank.
How AFAQ Works
Developed by the Gulf Payments Company, AFAQ—the Arabian Gulf System for Financial Automated Quick Payment Transfer—is designed to facilitate direct, faster, and cost-effective cross-border transfers in local GCC currencies. The total number of participating banks across the region has now reached 74. In the initial phase of Qatar's rollout, three institutions have joined the AFAQ network: Doha Bank, Qatar International Islamic Bank, and Dukhan Bank. The system supports transactions between Qatari riyal (QAR), UAE dirham (AED), Saudi riyal (SAR), Kuwaiti dinar (KWD), Bahraini dinar (BHD), and Omani riyal (OMR). It allows for same-day execution and settlement by linking the domestic Real-Time Gross Settlement (RTGS) networks of the member countries, bypassing many intermediary banking layers used in traditional correspondent banking.
Impact on Transfers and Remittances
For Indian expatriates and businesses, this development provides a streamlined method for transfers between GCC countries, such as moving funds for family support, rent, or business settlements. However, the system does not apply to remittances to India; transfers from Qatar to India (QAR to INR) must continue through existing international channels like bank remittances or UPI-linked services. Exchange rates for AFAQ transfers are based on approved rates fed into the system by participating central banks each business day.
Customer Advice and Usage
Customers of Doha Bank, Qatar International Islamic Bank, and Dukhan Bank are advised to check their respective mobile or internet banking platforms to confirm if AFAQ services are enabled for their specific account types, as rollouts, transaction limits, and fees are determined by individual bank policies. The network has processed over 276,000 transactions totaling more than 26 billion in value since its inception. While AFAQ offers a more efficient infrastructure for regional transfers, users must verify that both the sending and receiving banks are participating members and follow standard IBAN and compliance procedures.