Qatar national bank opens branch for Islamic banking
Qatar, Business, 6/23/2005

The national bank of Qatar on Tuesday launched a department for Islamic banking dealings via the Islamic national bank branch which is considered the first Islamic branch for a commercial bank in Qatar.

The bank started work since the beginning of April in order to ensure a new series of Islamic services and products under the slogan of "national Islamic." It was ratified by the fatwa commission and Sharia monitoring.

Islamic law forbids the use of interest on borrowed money.

Qatar's minister of finance and chairman of the national board, Youssef Hussein Kamal, spoke of the remarkable progress in the Islamic banking in the state of Qatar and the region during the two past decades, and efforts to capitalize on this growth.

He added on the occasion of inaugurating the branch that the "national Islamic" constitutes a turning point towards a new option with complies with the interests of several clients, noting the care of the board to meet the needs of the clients through providing Islamic services known for its dynamism, while traditional banking services continue simultaneously.

Worthy mentioning that Qatar's national bank was established in 1964 as the first commercial bank in Qatar, of which the government of Qatar owns 50% while the private sector owns the other 50%.

The national bank is considered the largest bank in the state of Qatar. It has assets representing 50% of the total banking sector. The bank has the largest distribution network at the national level, including 32 branches and local offices in addition to two other international branches in London and Paris.

At the international level, the bank occupied rank 77 of the 250 largest banks in the emerging states, according to the survey made by the "pro money " magazine in its August 2004 issue.

The national bank of Qatar also got the prize of the best bank in Qatar by several international finance magazines. These include "The Banker;" " Euro Money" and " Global Finance."

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