Masraf Al Rayan’s plan, if finalise, would make it the largest shareholder in IBB, thus paving ways to boost Islamic banking operations in Qatar, reports The National.
Revealing its plan, the bank said that it will acquire 70% of controlling stake in IBB and the Qatar will buy the remaining 30% stake, which is subject to approval of the official authorities in the state of Qatar and the UK, said the bank.
Remaining terms and conditions and the transition detail have not been revealed by Masraf Al Rayan.
In 2004, IBB was set up to provide financial services to Muslims in the UK, with the support of Gulf investors including Abdul Rahman Abdul Malik, the chief executive of Abu Dhabi Islamic Bank at the time, said the bank.
Since its inception, the bank failed to fetch profit and in 2010, Qatar International Islamic Bank (QIIB) pumped £20m (Dh112.6m) of fresh capital into IBB, to bring the bank on profitable track, but IBB reported a full-year loss of £8.9m for last year.
