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QFCRA fines Al Mal Bank, withdraws authorisation

Posted on 07 May 2010

From Cpifinancial.net: Qatar Financial Centre Regulatory Authority (QFCRA) has imposed fines amounting to $506,000 on Al Mal Bank and withdrawn its “authorisation” for violating rules laid down by the Regulatory Authority
The disciplinary action follows an investigation which identified “serious and systemic contraventions by Al Mal of the regulations and the rules of the Regulatory Authority,” the QFCRA said in a statement. “Al Mal was authorised on the 3rd December 2008 as an Islamic Financial Institution to conduct Islamic Financial Business……………………………………..Full Article: Source

 
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