Entries in English and Malay (Bahasa Melayu)

Monday, 2 December 2013

Qatar's Masraf agrees deal to buy UK Islamic bank

Masraf al Rayan (MAR), Qatar's largest sharia-compliant bank by market value, has said it has reached an agreement on a cash offer by its UK unit, to buy out the Islamic Bank of Britain (IBB).
MAR said in a statement that the acquisition would give it the opportunity to grow services in the UK and continental European markets.
"IBB offers MAR the opportunity to invest in a financial institution with an established platform and with an existing client base of over 50,000 customers," the statement said.
Adel Mustafawi, Group CEO of MAR, said: “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.
"We believe together we can build a stronger bank that is more capable of exploiting the enormous business opportunities available in the UK market for the benefit of our customers, shareholders, employees and the economies we operate in."
MAR declared a net profit of QR1.250bn, an increase of 15.4 percent during the first nine months of 2013 compared to similar period in 2012.
MAR currently operates 11 branches in Qatar.
(Arabian Business.Com / 01 Dec 2013)
Alfalah Consulting - Kuala Lumpur:
Islamic Investment Malaysia:

No comments:

Post a Comment

Latest Posts

Upcoming Events on Islamic Finance, Wealth Management, Business, Management, Motivational

Alfalah Consulting's facebook


Alfalah Consulting is NOT providing any kind of loan to finance project etc and asking for a fee. If you've received any email claiming to be from Alfalah Consulting, offering loan to you, please ignore it or inform us for further actions. Our official email is If you've received an email from, that's NOT from us. Be cautious!