DOHA: Fed up with what many say are Qatari banks’ strict lending norms, Qatar’s trade and industry is looking forward to GCC banks opening branches here and creating an environment of fruitful competition.
Real estate investors are excited as they claim they are the main victims of Qatari banks’ monopolistic ways and reluctance to patronise them. “Some local banks are imposing restrictions on real estate lending, so GCC banks coming here are welcome to set up branches,” said Saleh Al Sulaiti.
He told Al Sharq that GCC banks setting foot here will be welcomed as they might liberally yet safely fund real estate projects and other businesses. GCC banks will provide more alternatives in terms of banking services and products available in Qatar, said Ahmed Hussain.
Some 10 prominent banks from neighbouring GCC states that have applied to open branches here are likely to get approval from Qatar Central Bank by year-end. Qatari banks are also being allowed to expand operations to other GCC countries.
“GCC banks coming here will help diversify the Qatari economy,” said Abdulaziz Al Emadi, a former vice-chairman of Qatar Chamber. “They will help our banks set shop in those countries.” Mohamed Kazim Al Ansari, an ex-member of the chamber’s board and businessman, hoped GCC banks would add to competition in the local banking industry and that would help banks offer more innovative products and services. “Competition is always good for the consumer.” The Peninsula
