Masraf agrees UK Islamic lender's cash offer terms
London, December 1, 2013
Masraf al-Rayan, Qatar's largest sharia-compliant bank by market value, said it has reached an agreement with the Islamic Bank of Britain (IBB) on the terms of a cash offer for IBB's entire capital, the bank said on Sunday.
Masraf al-Rayan did not disclose the actual terms of the offer.
IBB is majority-owned by another Qatari lender, Qatar International Islamic Bank, which has been in discussions with Masraf Al Rayan over its sale since mid-2012.
"As one of the leading banks in Qatar, we look forward to supporting the Islamic Bank of Britain in its growth plans by strengthening its balance sheet and position in the market," Adel Mustafawi, the group chief executive of Masraf Al Rayan, said in a bourse statement.-Reuters