Qatar International Islamic Bank (QIIB) has agreed to buy
full control of the Islamic Bank of Britain, in a deal that values the British
bank at around $40.19m.
QIIB is offering one pence a share for the bank, which
already counts members of Qatar’s ruling Al Thani family among its major
Last year, QIIB had already moved to raise its stake in IBB
to 81 percent.
"Our long-term strategy is to build an international
Sharia-compliant banking business and we believe that our extensive experience
in Sharia banking will allow us to develop and integrate the IBB business into
the QIIB group,” said QIIB chairman Sheikh Khalid Bin Thani Bin Abdullah Al
Thani in a statement.
Qatar in February said it would consider buying into part
state-owned UK lenders RBS and Lloyds Banking Group.
The Gulf state has stakes in a string of UK companies
including retail giant J Sainsbury, Barclays bank and German automaker Porsche
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.