Register
Login:
Share:
Email Facebook Twitter

Finance & Stock Market News


Qatar banks may pool Islamic funds in one bank-paper

Tue, 15th Feb 2011 11:23


DOHA, Feb 15 (Reuters) - Qatar's central bank will meet with conventional
banks to discuss options for their Islamic operations, including pooling Islamic assets into a newly created Islamic bank, a Qatari newspaper said on Tuesday.

Under the proposal, conventional banks, which were told by the central bank to close their Islamic operations by the end of the year, would move their Islamic assets to a new Islamic bank and stakes in the bank would be set by deposits and funds transferred, the daily Al Sharq said, citing banking sources.

The unnamed sources told Al Sharq that the banks would ask for an extension of the Dec. 31 deadline to liquidate and close their Islamic operations.

Doha Bank chief executive Raghavan Seetharaman told Reuters on Tuesday that he was not aware of any central bank meeting or the proposal mentioned in the newspaper report.

Earlier this month, Qatar's central bank issued a circular to conventional institutions to close down Islamic operations amid worries of overlap between the two. The news sent the shares of conventional banks falling while Islamic banks rallied.

Qatar National Bank, international lender HSBC , Doha Bank, Commercial Bank of Qatar , Al Ahli Commercial Bank and International Bank of Qatar were all impacted by the directive.

Doha Bank and HSBC said at the time that they would seek further clarification from the central bank.

(Reporting by Regan E. Doherty; writing by Shaheen Pasha; editing by Firouz Sedarat) Keywords: QATAR ISLAMICBANKING/

(shaheen.pasha@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: shaheen.pasha.thomsonreuters.com@reuters.net)

COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.


Related Shares: Hsbc Hldgs (HSBA).


Next Article: AFI Development delays Moscow mall opening to May

Back to Finance News


Sign up for Live Prices
Home  |  Contact Us  |  About Us  |  Careers  |  Advertise with Us  |  Sitemap  |  Terms & Conditions  |  Cookies  |  Privacy


Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.