Qatar International Islamic Bank to buy Islamic Bank of Britain

Qatar International Islamic Bank is to acquire full control of Islamic Bank of Britain for £25m ($40.2m).

The announcement comes after the Qatar Central Bank ordered commercial banks to shutter their Islamic banking units by the end of the year – a move that would benefit banks such as Qatar International Islamic Bank as well as Qatar Islamic Bank and Masraf Al Rayan.

acquisition part of global expansion strategy

Qatar International Islamic Bank already owns 81% of Islamic Bank of Britain and said that the acquisition was part of the bank’s global expansion strategy.

Qatar International Islamic Bank’s chairman, Sheikh Khalid bin Thani bin Abdullah Al-Thani said that the bank’s long-term strategy was to build an international Shariah-compliant banking business.

launched discretionary service in December

In December, Islamic Bank of Britain rolled out Sharia-compliant retail discretionary portfolio service in partnership with investment management platform provider Præmium Limited.

The launch of the service followed a capital injection of £20m from Qatar International Islamic Bank and is an extension of the bank’s wealth advisory service.

The service is available to both the bank’s UK and overseas clients.

source : private banker international