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Go-ahead given for $64mn property deal

Qatar Islamic bank Masraf Al Rayan has revealed it has received central bank approval to take a 20 percent stake in a new 25-million-rial ($64.94 million) real estate company in Oman.

Masraf, which offers banking services complying with Islam's ban on the payment or receipt of interest, said on Monday that National Mass Housing Co would invest in real estate both within and outside of Oman.

National Mass would have total authorised capital of 50 million rials, Masraf said in a statement on the Doha bourse website, without saying when the new firm would begin operations. (Reuters)

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