Thursday, Mar 01, 2012
BEIRUT (Zawya Dow Jones)--Qatar-based Doha Bank's shareholders have proposed converting the lender into a full-fledged Islamic bank, Doha-based Al Arab daily reports Thursday citing an executive.
The lender's board of directors will be called soon to discuss the proposal which will be presented again to the shareholders, who will make a decision in this regard, Fahad Al Thani, Doha Bank's chairman, said according to the paper.
In related news, Al Thani told Al Arab that the bank isn't in a hurry to exit its Islamic portfolio unless there's a good return for the bank and its shareholders
Local conventional banks are required by the Qatari authorities to close their Islamic windows.
Al Thani also said that the bank plans to increase its capital this year and that it has received a license to open a branch in Abu Dhabi, the newspaper reports.
Newspaper website: http://www.alarab.qa/details.php?issueId=1539&artid=176247
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
01-03-12 0856GMT
