News Column

Masraf Al Rayan raises IBB's Tier 1 capital to GBP 100 million

February 3, 2014

Qatar -based Masraf Al Rayan (MAR) has completed the acquisition of the Islamic Bank of Britain Plc (IBB) by its wholly owned subsidiary Al Rayan (UK) Limited . Masraf Al Rayan also announces the raising of IBB's Tier 1 capital to GBP 100 million through the issuing of new shares totalling 7,575,400,000 shares, at GBP 75.75 million . As a result, Al Rayan (UK) Limited equity holding in the IBB will reach11, 921,189,979 shares equivalent to 98.34 per cent of the issued shares. Adel Mustafawi, Group Chief Executive Officer at Masraf Al Rayan , said, "We are delighted to announce the completion of the acquisition of the Islamic Bank of Britain , as it becomes a member of Masraf Al Rayan group, and now, we start a phase of hard work towards achieving our planned goals and objectives. We promise our customers in IBB and Masraf Al Rayan positive future prospects that will be available to them to benefit from our products and services which are compatible fully with the Islamic Shari'ah. Our customers will also benefit from the open channels of communication and cooperation between the two banks which will provide them with opportunities both in Qatar as well as in the United Kingdom without any complexities."


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Source: CPI Financial


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