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Doha Bank inaugurates Islamic banking services

DOHA — Doha Bank has officially inaugurated its Islamic Banking services, called Doha Islamic. The Islamic banking is supplementary and complementary to the commercial banking activities started when the bank was established in 1979.

The Board is planning to develop Islamic banking through the expansion of Doha Islamic branches network and enhance the products and services targeting both retail and corporate customers. “Many products such as Murabaha, Istis’naa “manufacturing/construction financing”, Ijara Muntahia Bitamleek (financing lease OR lease to own), Mudharaba, and Musharaka “partnership financing” have effectively been launched in addition to Haj and Umrah, Education, Medical and Holiday financing etc.”

Speaking at the launch, Managing Director Abdul Rahman bin Mohammed bin Jabor Al-Thani, said: “We will make sure that Doha Islamic is not just a mass increase in the numbers of Islamic banks operating in Qatar, but rather an essential addition to the field of Islamic banking, and for this purpose we will employ all the potentials we have to transform the comprehensive economic theory of Islam into reality through advanced Islamic products and services that we will offer. According to our strategy, this will be realised over two separate aspects. Firstly, through the expansion of existing Islamic banking transactions to meet the requirements of our corporate and retail customers and secondly, through expansion of branches.”

Doha Bank, he added, has introduced Shariah-compliant banking activities “in line with the vision of the Board of Directors and as a response to the desire of our esteemed shareholders and customers …. knowing Doha Bank was the pioneer bank in the call for admission and adoption of Sharia compliant banking products and services.”

The Chairman of the Board of Directors, Shaikh Fahad bin Mohammed bin Jabor Al Thani, said that the Board had been considering the introduction of Islamic banking for a long time, and had therefore been included in the bank’s strategy for the next five years up to 2009.

“To realise this objective we appointed a Sharia Control Authority consisting of prominent Muslim scholars in Qatar like Dr. Ali Quradaghi, Head of the Authority and the membership of Dr. Omar Abdul Aziz Mohammed and Shaikh Hamad Abdul Mohsin al-Mahmoud. We worked side by side with the Authority in setting up the organisational structure of Doha Islamic, attracting qualified and experienced staff and preparing Shariah compliant products and services in addition to polices and procedures to facilitate the launch and control of such products and services.”

Doha Bank Acting General Manager, R Seetharaman, said: “Today is a special day for Doha Bank when its Islamic Banking operation “Doha Islamic” is being launched. Doha Islamic is not only religious banking, but also a way of living. We have come up with comprehensive set of products addressing each stage of an individual life cycle such as education, consumer goods, Haj, managing and settling debts and so on.