Qatar bans Islamic Bank

published on February 7, 2011

While Jihadis and ‘Secular’ commies are hell bent to start India’s first Islamic Bank in Kerala with the support of Tax Payer’s money, Islamic Nations are planning to shut down the same. Qatar has already banned Islamic Banks in their country and many other Islamic Nations are to follow the suit.

 Qatar bans banks’ Islamic units

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 December 31 to shutter operations, sources said.

Shares in Qatar National Bank (QNB), the Gulf state’s largest lender by market capitalisation, fell 4.8 per cent on the announcement. The bank offers Islamic services which comply with sharia laws.

Read full report here

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