Banks to seek merger of Islamic arms into one unit
Conventional banks with Islamic arms will meet the banking regulator shortly with a joint plea that their Islamic operations that are to be closed by the year-end be converted into a single and independent Shariah-compliant bank.
Officials of the affected banks have met and prepared the proposal which is to be submitted to the Qatar Central Bank today or tomorrow.
If QCB agrees to study the proposal for approval, the name and the capital of the new Islamic bank would be decided and a detailed study would be conducted by a think-tank from within the local banking industry to assess the viability of the proposal.
Syndicate
