Qatari commercial banks will be required to transfer accounts from their Islamic divisions into a portfolio to be held by the central bank until they mature, under a rule separating the two kinds of finance.
“These will be carried in a portfolio, outside the activity of their business,” Central Bank Governor Sheikh Abdullah bin Saud Al Thani said in a telephone interview today. “We are not in the business of mixing the Islamic with the non- Islamic by the end of the year.”
The central bank sent a circular to commercial lenders in February ordering them to stop taking new Islamic deposits immediately and shut Islamic branches by year-end on concern they may be using funds from the conventional bank for Islamic loans. Banks have the option to transfer Sharia-compliant accounts to an Islamic bank, Sheikh Abdullah said in an interview with the Qatar News Agency on Dec. 11.
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