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.
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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.
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By GlobalData
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.
