DOHA: An increasing number of non-Muslim expatriates here are getting attracted to Islamic banking, says a senior Doha-based banker.
R Seetharaman (pictured), CEO of Doha Bank, told world leaders of Islamic banking at a key convention here yesterday that Islamic banking windows of commercial banks in Doha had grown at an impressive 18 percent annually over the past three years.
Qatar, unlike some other countries in the region, allowed hybrid banking and a significant development had been that a lot of non-Muslim customers were ‘deflecting’ from commercial to Islamic banking, he said.
“I can clearly see that more and more expatriates are trying to open accounts in Doha Islamic (the Islamic banking arm of Doha Bank).”
Seetharaman was replying to questions after delivering keynote address on ‘Islamic Finance in Qatar’ at the ‘Leaders in Islamic Finance 2009’ conference being held at W Doha Hotel & Residences here yesterday. The two-day convention ends today.
Talking of the expansion of Islamic banking the world over, the banker said there was growing realisation that Islamic banking was governed by heart in addition to being dictated by head, whereas it was all ‘head’ when it came to commercial banking.
The current world financial gloom is adding value to Islamic banking. Globalisation in Islamic banking is on and capital markets are also beginning to realise its importance. “It’s evolving.”
Among non-Muslim countries embracing Islamic banking, the Doha Bank CEO said, Japan had taken a lead by issuing a sukuk (Islamic bond), Canada was moving in the right direction, Mauritius was opening up and Singapore was catching up, too.
“I recently met the governor of South Korea’s central bank and he was open to the idea of working in Islamic banking on a great scale … People are realising it is a better form of banking.”
People think it is an ethical way of doing business as well as managing relations, said Seetharaman of Islamic banking, and added: “There are a lot of positive vibes coming in and the mood is there.” Responding to another question from the audience, he said the talk of Islamic banking was gaining ground in India as well, which was home to the second largest Muslim population in the world.
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