Saturday 23 June 2018

UK Islamic lender wins $124m Qatar funding

Doha, February 5, 2014

Islamic Bank of Britain (IBB), the country's only Sharia-compliant retail lender, has received a £75.8 million ($124 million) injection from its new Qatari owner to support the bank's expansion plans.

The investment brings IBB's capital to £100 million, after it was acquired in January by Masraf Al Rayan, Qatar's largest Islamic bank by market value.

This will allow IBB to grow its retail operations and develop its commercial business, targeting both British and Gulf-based firms, Sultan Choudhury, IBB's interim managing director, said in a statement.

"Future plans feature an expansion of property finance to businesses, including development finance. The bank will also expand its services for Gulf-based customers looking to invest in the UK."

The January deal valued IBB's entire issued share capital at £24.1m; the fresh cash could help it compete with Britain's other Islamic banks, which focus mostly on corporate banking services.-Reuters

Tags: Qatar | Islamic Bank of Britain |

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