Al Rayan, the UK subsidiary of Qatar based Masraf Al Rayan, Qatar’s largest sharia-compliant bank by market value, has finalised its acquisition of Islamic Bank of Britain (IBB).
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Al Rayan has not disclosed the terms of the deal.
Al Rayan has been in discussions over the sale of IBB with the previous majority owner, Qatar International Islamic Bank, since mid-2012.
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By GlobalDataAdel Mustafawi, group CEO of Masraf Al Rayan, said: "Masraf Al Rayan’s vision is to become a leading an innovative international financial institution and acquiring IBB represents an important step in achieving this"
Sultan Choundhury, interim managing director of IBB, said: "IBB is joining Masraf Al Rayan, a fast-growing, international banking group. This represents a key milestone in IBB’s history and is a result of its impressive achievements so far, which include year on year growth on customer base, deposits and assets since its inception in 2004".
The deal follows a cash offer made in November 2013 by Al Rayan. Masraf Al Rayan has received shareholder acceptance and approval from the British regulator on the acquisition.
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