Masraf al Rayan (MAR), Qatar's largest sharia-compliant bank by market value, has said it has reached an agreement on a cash offer by its UK unit, to buy out the Islamic Bank of Britain (IBB).
MAR said in a statement that the acquisition would give it the opportunity to grow services in the UK and continental European markets.
"IBB offers MAR the opportunity to invest in a financial institution with an established platform and with an existing client base of over 50,000 customers," the statement said.
Adel Mustafawi, Group CEO of MAR, said: “As one of the leading banks in Qatar, we look forward to supporting the Islamic Bank of Britain in its growth plans by strengthening its balance sheet and position in the market.
"We believe together we can build a stronger bank that is more capable of exploiting the enormous business opportunities available in the UK market for the benefit of our customers, shareholders, employees and the economies we operate in."
MAR declared a net profit of QR1.250bn, an increase of 15.4 percent during the first nine months of 2013 compared to similar period in 2012.
MAR currently operates 11 branches in Qatar.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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