Abu Dhabi Islamic Bank has received approval from the Qatar regulator to open an Islamic branch in the wealthy Gulf Arab state, six months after a central bank verdict asked conventional lenders to stop operating Islamic branches in the country.
'We have received authorisation from the government,' a spokeswoman for ADIB said on Thursday, adding that Qatar is a market of interest for the Islamic lender.
The Qatar Financial Centre Regulatory Authority (QFCRA) said in a statement that the authorisation will allow the bank to carry on regulated activities in relation to deposit taking, providing and arranging financing facilities and managing investments.
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