A Qatar Guide for Tourists and Residents
Home   Qatar   Doha   Contact   Qatar Jobs   Qatar Map   Request

Wednesday, October 01, 2008

Borrowing money in Qatar

It is quite common for newcomers to Qatar to borrow money. This is normally in the form of a vehicle loan, but I have also known people borrow money towards a house back home.

Before doing so, it is worth remembering that when you borrow money in Qatar, you are not allowed to leave the country on a permanent basis without paying back all debts.

Potentially, this could lead to a very sticky situation, especially if a person who had borrowed a sum of money then lost their job before earning enough to pay back the money.

The danger of this situation has been vividly illustrated with the tragic story of an American stranded in Doha. He had borrowed money to fund the cancer treatment of his mother in America - a country which can spend trillions on war, but has yet to fund a National Health Service.

His mother has since died, and he has lost his job. Now he is stranded in Doha, with no place to live, no money, no job and an uninterested embassy. (You can read the full story here in the Gulf Times.)

I don't think anyone can blame him for borrowing money for his mother. But at least we can refrain from borrowing large sums of money for other reasons. The banks here are very ready to lend you money, but if you can not pay the money back from the salary and bonus of your current contract - best not to borrow any at all.

Also see: Qatar Money for information about Qatar's currency and banks.

AddThis Social Bookmark Button

Qatar Visitor Friends

Qatar Jobs

Find the best deal, compare prices and read what other travellers have to say about Qatar