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 close 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.

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