Bloomberg/Dubai
Qatar, in requiring banks from HSBC to Doha Bank to close units offering Shariah-compliant services, is emulating Malaysia, the world’s biggest market for Islamic debt.
The Gulf nation, whose economy is growing at the fastest pace in the world, sent an order to banks this week requiring non-Islamic commercial lenders to shut operations that comply with Shariah law by year-end, according to the central bank circular. Malaysia allows standalone Islamic banks and subsidiaries to provide the services. (source)
