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UAE regular banks to keep Islamic divisions

01 Mar 2011

(MENAFN) UAE’s Central Bank Governor, Sultan al Suwaidi, said that the country would not prohibit traditional commercial banks from having Islamic banking divisions, reported The National.

The announcement comes shortly after Qatari regulators banned conventional banks from providing Sharia compliant services.

The governor said that Qatar has a legal system that applies different regulations on conventional banks compared to Islamic ones. On the other hand, the UAE has one banking act and there’s no segregation between the two.

It is worth noting that even though Islamic financing is becoming more popular around the world, the sector has little international standardization, and so every country applies its own set of regulations.

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