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Fri 8 Apr 2016 01:47 PM

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Bank of England fines Qatar Islamic Bank's UK unit nearly $2m

Regulator issues fine for failings in reporting its financial resources in 2011 and 2012

Bank of England fines Qatar Islamic Bank's UK unit nearly $2m
Qatar Islamic Bank

The Bank of England has fined QIB (UK), a subsidiary of Qatar Islamic Bank, for failings in reporting its financial resources to the regulator in 2011 and 2012.

The Bank's Prudential Regulatory Authority (PRA) imposed a fine of 1.385 million pounds ($1.95 million) on QIB for failing to undertake a regular assessment of its capital, the BoE said in a statement on Friday

"In failing to assess, maintain and report on its financial resources for over a year, QIB failed to meet some of the most basic regulatory standards," said Andrew Bailey, chief executive of the PRA.

Guy Priestley, QIB UK's interim chief executive, said the problems identified by the PRA have been remedied.

"We now have a UK operation that is recognised for its quality of service, is fully compliant, profitable and, most importantly, is well-capitalised with a very strong risk-control framework to protect the interests of all stakeholders," Priestley said.

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