Some 90 percent of an estimated 88,000 customers of Islamic units of conventional banks have refused to shift their accounts to commercial banks.
Commercial banks, as is known, have been asked by the Qatar Central Bank (QCB) to close their Islamic operations by the year-end so their customers must transfer their accounts to other banks before the deadline.
Most customers of Islamic units of conventional banks have shown their preference for Islamic banks. Commercial banks with Islamic units have already closed at least 50 to 60 percent customer accounts by now.
These are the accounts whose holders do not have any liability. The banks concerned have already notified their customers about the closure plans.
However, the Islamic units that are to be closed by December 31 this year might continue to manage the accounts of those customers who have taken loans until the sums are repaid, it is understood.
According to banking industry sources, there are no chances of the authorities concerned allowing any grace period to commercial banks to close their Islamic units.
source: The Peninsula