Hamad Bin Khalifa University Press

In February 2011, Qatar Central Bank (QCB) issued a directive ordering conventional banks to wind up their Shariah-compliant banking branches, which took the banking industry in Qatar by storm. At the time, the Shariah-compliant asset allocation of conventional banks averaged about 10% of their total assets, while full-fledged Shariah-compliant banks in Qatar had assets of nearly one-fifth of the total banking assets in the country.

The blockade of Qatar that began in June 2017 has not only had important long-term implications for life in Qatar, but also cast a giant shadow over future relations between Gulf neighbors. The social, political, and economic impact across the wider international community has also been significant.