Jan 03 2012
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Conventional banks begin New Year sans Islamic operations
According to a Qatar Central Bank (QCB) directive, all the conventional banks were required to shut down all the Islamic branches and windows by December 31, 2011.
According to bank sources, hitherto, the conventional banks under their Islamic banking operations have had about 100, 000 account holders (both individuals and firms put together) from the time they started offering Islamic banking services since the middle of the previous decade.
In 2010, the total revenue from all the Islamic branches of conventional banks was QR2.63bn of which QNB's share was about QR2bn.
The Islamic branches of conventional banks have prepared a list of all their respective customers with their transaction details. For this the banks have formed a special team to follow up the accounts and clients.
Last week, the banks had converted a large number of accounts into conventional ones with the due consent of the account holders.
Those who have not responded to the banks' calls and notices are being given reminders by the banks so that clearance can be done as early as possible, reported an Arabic daily yesterday.
The Islamic branches of conventional banks are also intimating and advising their customers that the dormant accounts will not bear any revenue or returns so they must get their accounts converted into conventional bank accounts or transfer them to Islamic banks with no conventional baking operations.
The banks are also informing their customers that the surplus deposits can be withdrawn as it will not bear any return to the customers. For example if a customer has QR200,000 of deposit in his account of which QR100,000 is a guarantee money (Dhamaan) and the remaining QR100,000 he can transfer to other banks so that the money does not remain parked idle.
© The Peninsula 2012
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