Qatar International Islamic Bank is to acquire full control of
Islamic Bank of Britain for £25m ($40.2m).
The announcement comes after the Qatar Central
Bank ordered commercial banks to shutter their Islamic banking
units by the end of the year – a move that would benefit banks such
as Qatar International Islamic Bank as well as Qatar Islamic Bank
and Masraf Al Rayan.
Go deeper with GlobalData
acquisition part of global expansion
strategy
Qatar International Islamic Bank already owns 81% of Islamic
Bank of Britain and said that the acquisition was part of the
bank’s global expansion strategy.
Qatar International Islamic Bank’s chairman, Sheikh Khalid bin
Thani bin Abdullah Al-Thani said that the bank’s long-term strategy
was to build an international Shariah-compliant banking
business.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
launched discretionary service in December
In December, Islamic Bank of Britain rolled
out Sharia-compliant retail discretionary portfolio service in
partnership with investment management platform provider Præmium
Limited.
The launch of the service followed a capital
injection of £20m from Qatar International Islamic Bank and is an
extension of the bank’s wealth advisory service.
The service is available to both the bank’s UK and overseas
clients.
