HSBC Holdings Plc is seeking clarification of an order by Qatar’s central bank requiring non- Islamic lenders in the nation to end services that comply with Shariah law.
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 yesterday. HSBC has had operations in Qatar since 1954 “and has established strong and positive relations with the regulators,” the statement said.
Qatari Islamic banks rose yesterday, sending Masraf Al Rayan to the highest level since 2008, on speculation earnings will climb following the central bank’s decision. The Feb. 1 statement called for non-Shariah compliant banks to close Islamic branches by year-end and stop taking deposits in those units immediately, said a person familiar with the announcement, who asked not to be identified because the directive hasn’t been made public. Officials at the central bank declined to comment.
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