Masraf Al Rayan, Qatar’s largest sharia-compliant bank by market value, said on Thursday it had completed its acquisition of Islamic Bank of Britain (IBB).
Al Rayan did not disclose the terms of the purchase.
IBB was majority-owned by another Qatari lender, Qatar Internatioal Islamic Bank, which had been in discussions with Al Rayan over a sale since mid-2012.
Al Rayan said in a bourse filing it had received approval from investors holding 95 per cent of IBB’s share capital for the sale. The British regulator has approved the deal, the statement added.