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Wednesday, 28 May 2008

QDB makes all housing loans Shariah-compliant

DOHA • Qatar Development Bank (QDB) yesterday announced all its housing loans will be given according to Shariah principles with the maximum amount that can be taken out raised to QR1.2m. loans will be granted only to nationals.
The new rules will come into effect from June 1, H E Sheikh Abdullah bin Saud Al Thani, QDB Chairman, said at a press conference yesterday. Sheikh Abdullah is also Governor of the Qatar Central Bank.
There will be a one percent charge attached to the loan and Sheikh Abdullah said it should not be considered to be interest but rather, an administrative fee.
Dr Ali Mohiuudin Qurradaghi, Islamic scholar, said: "The fact the QDB is offering loans according to Islamic principles comes as good news."
To avail a loan, nationals will have to provide proper documentation as well as a blueprint of the house they propose to build.

(The Peninsular)


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