Qatar’s Masraf Al Rayan says buys Islamic Bank of Britain

Islamic Bank of Britain (IBB) was majority-owned by another Qatari lender, Qatar International Islamic Bank. (File photo: Reuters)

Masraf Al Rayan, Qatar’s largest sharia-compliant bank by market value, said on Thursday it had completed its acquisition of Islamic Bank of Britain (IBB).

Al Rayan did not disclose the terms of the purchase.

IBB was majority-owned by another Qatari lender, Qatar International Islamic Bank, which had been in discussions with Al Rayan over a sale since mid-2012.

Al Rayan said in a bourse filing it had received approval from investors holding 95 percent of IBB’s share capital for the sale. The British regulator has approved the deal, the statement added.

 

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Last Update: Wednesday, 20 May 2020 KSA 13:52 - GMT 10:52
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