Lombard loans on the QSE.
Private, securities-backed credit against Qatar Stock Exchange-listed shares — pledged, not sold.
A Lombard loan against QSE-listed shares is credit secured by a pledge of equity listed on the Qatar Stock Exchange. The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment. In plainer terms it is a share-backed loan: a loan against shares, not a disposal of them.
- Facilities are arranged against equity listed on the Qatar Stock Exchange (QSE), Doha.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in QAR or cross-currency.
- Structured under the QFMA regime, with disclosure at 10%.
The venue
The Qatar Stock Exchange is Qatar's principal equity venue, with substantial weighting to financial services, industrials, and energy-adjacent issuers. Foreign-ownership caps and segment-by-segment access rules require careful structuring for institutional collateralisation.
Regulator and disclosure
The Qatar Stock Exchange operates under the Qatar Financial Markets Authority (QFMA). QFMA Offering and Listing, and Mergers and Acquisitions Rules 2025: a person who becomes the owner of 10% or more of a listed company notifies the company, which discloses it; listed companies also disclose their owners of 5% or more under the QFMA Governance Code for Listed Companies.
A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
For who must report a pledge, and what an enforcement would make public, in each market the firm covers, see the comparison of share pledge disclosure rules.
Structuring a facility here
Lombard facilities against QSE-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in QAR or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread. Unlike a stock loan in the securities-lending sense, title does not pass: the line stays registered to the holder for the life of the facility.
| Exchange | Qatar Stock Exchange (QSE) |
|---|---|
| City · Country | Doha · Qatar |
| Regulator | Qatar Financial Markets Authority (QFMA) |
| Disclosure | Substantial holdings at 10% |
| Principal indices | QE Index, QE Al Rayan Islamic Index |
| Segments | Main Market; Venture Market |
| Currency · Tenor | QAR · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
The Qatar market as a whole
The Qatar country overview sets the QSE in context: the national disclosure regime, the wider securities-backed lending picture, and the common ground behind any loan against shares listed in Qatar.
- Lombard loans in Qatar — the country overview: the national disclosure regime, currency, and how a facility is arranged.
Financing a position listed on the QSE?
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On this market, specifically.
Liquidity and the index
The Qatar Stock Exchange is benchmarked by the QE Index and the QE Al Rayan Islamic Index, with substantial weighting to financial services, industrials, and energy-adjacent issuers. Liquidity concentrates in those larger names, so for a substantial line the depth and free float of the specific issuer — in a market where state and strategic holdings are common — are the key read when sizing a pledge. Smaller names sit on the Venture Market and are assessed more selectively. Free float, rather than aggregate turnover, generally frames how a Lombard loan is calibrated against a QSE holding.
Structuring notes
Two features shape a pledge on the QSE: foreign-ownership ceilings apply issuer by issuer and govern how much of a line a non-resident client may hold and pledge; and access differs across the market’s segments, so eligibility is confirmed name by name. Part of the market follows Islamic-index conventions, which can inform how a facility is framed.
Settlement runs through the Qatari infrastructure, with the pledged shares held by a qualified custodian so ownership is preserved. The QFMA ownership-notification rules are respected, and the Lombard credit can be funded in QAR or on a cross-currency basis.