The credit growth of Qatar’s Islamic banks is likely to move faster in 2015, said credit ratings agency Standard & Poor's in a latest report titled "Gulf Islamic Banks".

The report noted that the Islamic banks in Qatar are likely to grow faster than their conventional peers in the next couple of years.

Standard & Poor's forecasted Islamic banks’ market share in the Gulf will likely keep increasing over the next few years, within a supportive operating environment, after slower gains last year. Qatar, Saudi Arabia, and the UAE offer the brightest growth opportunities in the Gulf Cooperation Council (GCC).

Islamic banks in Qatar boosted their balance sheets by 28% between 2009 and 2013 as they capitalized on the government’s large investments.

Among the key drivers was the Qatari government’s recent initiative, such as banning conventional banks from engaging in Islamic banking, the report added.

S&P report noted that the relative weight of Islamic banks in Qatar in the S&P’s sample grew to 16% in 2013 from 11% in 2009, enhanced by Qatar's Barwa Bank prominent role in promoting Islamic banking tools .

The report noted that Qatar’s Islamic banks’ growth has outpaced the banks in the neighboring GCC countries owing to the Qatari government’s high infrastructure investments over the past few years.

The report affirmed that Islamic banks will continue to attain market share in the Gulf over the next couple of years.