(MENAFN - Qatar News Agency) Masraf Al Rayan (MAR) announces that its wholly owned subsidiary Al Rayan (UK) Limited has become the new parent company of Islamic Bank of Britain (IBB) a wholly Sharia compliant retail bank in UK.
The acquisition of IBB by Al Rayan UK follows a cash offer made on 28th November 2013 for which MAR has received valid shareholder acceptances exceeding 95% together with the approval of the Prudential Regulatory Authority for MAR to take control of IBB
Commenting on the acquisition, Adel Mustafawi, Group CEO of Masraf Al Rayan, said, "I am delighted to welcome IBB to the Masraf Al Rayan group
The Bank is considered the pioneer of Islamic banking in Britain and has very strong awareness amongst consumers there
This provides the opportunity for Masraf Al Rayan to expand its footprint and introduce its range of products to a fertile market which has great potential for continued growth
It will also enable Masraf Al Rayan to offer its existing Gulf-based customers additional services as they expand their activities into the UK
Masraf Al Rayan's vision is to become a leading and innovative international financial institution and acquiring IBB represents an important step in achieving this", according to a press statement issued in Qatar Exchange website today
Sultan Choudhury, Interim Managing Director of IBB, added: "IBB is joining Masraf Al Rayan, a fast-growing, international banking group
Going forward, IBB will have a parent company which has a clear focus on how to develop the Bank as well as having the necessary resources to achieve this.
We look forward to continued success as part of the Masraf Al Rayan group.