Qatar's central bank asked conventional lenders to close down their Islamic operations amid worries of overlap between the two, banking sources said on Sunday, in a surprise move seen prompting other regions to follow suit.
The central bank issued a circular over the weekend, saying it "has been decided to terminate the activities of the Islamic finance services" offered by conventional banks.
The order is effective immediately but gave lenders a grace period until Dec. 31 to shutter operations, sources said.
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