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Islamic Finance Briefing - Categorized | Banking, Market Moves more

Masraf Al Rayan seeks UK foothold with bank buy

Posted on 14 June 2012

Masraf Al Rayan’s plan to take over a loss-making bank in the UK will provide Qatar’s biggest publicly traded Islamic lender a foothold in Europe’s largest market for Shariah-compliant financial products and services.
Masraf Al Rayan, which also offers Islamic banking in Oman and Saudi Arabia through affiliates, plans to acquire 70% of Birmingham-based Islamic Bank of Britain, while the Qatari government will buy the remaining 30%, the bank said on June 4. Qatar International Islamic Bank (QIIB), which owns 84% of the bank known as IBB, plans to buy shares it doesn’t own before selling the entire stake, the British lender said June 6………………………………………..Full Article: Source

 
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