Qatar banks agree to move accounts to Islamic banks, Sharq says

By Bloomberg Available at: http://www.arabianbusiness.com/qatar-banks-agree-move-accounts-islamic-banks-sharq-says–382560.html

ISLAMIC BANKS: The central bank’s circular to banks on February 1 said that non-Shariah compliant banks must close Islamic branches by year end

A number of commercial banks in Qatar have agreed to transfer governance of assets and accounts to Islamic banks after the central bank ordered them to shut their Islamic branches by year end, Al Sharq reported, citing an unidentified bank official.

The central bank’s circular to banks on February 1 said that non-Shariah compliant banks must close Islamic branches by year end and stop taking deposits in those units immediately.

Qatari banks including Qatar National Bank, Commercial Bank of Qatar, Doha Bank and International Bank of Qatar have Islamic banking divisions.

HSBC Amanah, the Islamic banking unit of Europe’s largest bank, is in discussions with the central bank “to find a workable solution,” the company said in an e- mailed statement on February 6.

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ZULKIFLI HASAN