About 90% of such account holders have preferred to transfer their accounts to regular Islamic banks instead of opting for the non-Islamic banking system.
Quoting reliable sources the report says that the banks are hastening the process of closing down their Islamic banking because only six months remain as per the time limit fixed by the QCB. It is very unlikely that these banks will seek an extension of the time limit because that will entail additional financial burden in terms of salaries and overheads while they have with effect from last February seized their Islamic operations and consequently they do not have any revenue from it. The staff as well as the premises of the Islamic branches will become a part of the existing traditional banks, says the report.
source: Gulf Times