Abu Dhabi Islamic Bank wins Qatar licence
Abu Dhabi, August 4, 2011
Abu Dhabi Islamic Bank has received approval from the Qatar regulator to open an Islamic branch in the country.
The approval comes six months after a central bank order 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.
ADIB's licence approval comes after Qatar's central bank issued a ban in February on conventional banks' operating Islamic branches, amid concerns of overlap between the two and criticism that conventional lenders with Islamic operations had an unfair advantage over standalone Islamic institutions.
Lenders have until Dec. 31 to comply.
The central bank did not provide any direction on whether banks can apply for separate Islamic banking licences, and in the absence of transparency, some conventional banks have offered customers the option of converting Islamic deposits into conventional accounts. - Reuters
More Finance & Capital Market Stories
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards