Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Masraf Al Rayan To Raise Ibb's Tier 1 Capital To Gbp100 Million  Join our daily free Newsletter

MENAFN - Qatar News Agency - 05/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Qatar News Agency) Qatari lender Masraf Al Rayan (MAR) has announced the raising of Islamic Bank of Britain's Tier 1 capital to GBP100 Million by issuing 7,575,400,000 new shares, at GBP75.75 Million, according to a Qatar Exchange notification Tuesday.



MAR has acquired IBB Plc through its wholly owned subsidiary Al Rayan (UK) Limite



The announcement follows the approval of IBB shareholders to accept the offer made by Masraf Al Rayan on November 28, 2013 and the change in control approval from the Prudential Regulatory Authority in the U



The acquisition was completed Monday morning, Al Rayan (UK) Limited sai



MAR has also announced the raising of IBB's Tier 1 capital to GBP100 Million through issuing of 7,575,400,000 new shares, at GBP75.75 Millio



As a result, Al Rayan (UK) Limited equity holding in the IBB will reach 11, 921,189,979 shares equivalent to 98.34% of the issued share



MAR Group CEAdel Mustafawi, the Group Chief Executive Officer at Masraf Al Rayan said, "We are delighted to announce the completion of the acquisition of the Islamic Bank of Britain, as it becomes a member of Masraf Al Rayan group, and now, we start a phase of hard work towards achieving our planned goals and objective




"We promise our customers in IBB and Masraf Al Rayan positive future prospects that will be available to them to benefit from our products and services which are compatible fully with the Islamic Shari



"Our customers will also benefit from the open channels of communication and cooperation between the two banks which will provide them with opportunities both in Qatar as well as in the United Kingdom without any complexities." MAR posted a net profit of QR 1.7 Billion for the fiscal year ended December 31, 201



This represents an increase of 13.2% compared to the fiscal year 201



MAR currently operates 11 branches in Qatar.

 


Qatar News Agency




  MENA News Headlines
 Jul 24 2016 - Oman to start trial work for spot market by 2019MENAFN
(MENAFN) Oman aims to start trial work for a spot market for electricity by 2019 and commercial operation in the coming year.Furthermore, the market is a substitute route for power producers to sell ...

 Jul 24 2016 - Egypt's VAT aims to low its budget deficitMENAFN
(MENAFN) Diesel and octane prices will not increase under the new Value Added Tax (VAT), which is recently being discussed in parliament.Additionally, the price of fuel at the pump is included in the ...

 Jul 24 2016 - General Channels have the highest average advertising rates in 2016MENAFN Press
(MENAFN Press) New research from the Arab Advisors Group reveals that FTA satellite TV average ad rates are highest during night time between 21:00 and 22:00 Saudi Arabia's time. Peak average ...

 Jul 24 2016 - Qatar to give USD30mn for Gaza public sector employeesMENAFN
(MENAFN) Qatar will give USD30mn in order to help pay the salaries of thousands of Gaza Strip public sector employees.Accordingly, the payment of USD31.01mn was to alleviate suffering and financial ...

 Jul 24 2016 - Dubai real estate market posts USD15.5bnMENAFN
(MENAFN) Arab and foreign investors poured USD15.51bn into Dubai's real estate market in the first half of this year.Moreover, the majority of them were from GCC States, which invested in the Dubai ...

 Jul 24 2016 - Aluminum Bahrain net income declines in Q2MENAFN
(MENAFN) Aluminum Bahrain (Alba) posted a 45.4 percent drop in second-quarter net profit, which reached USD43.2mn, compared with a USD78.45mn in an earlier period.However, the firm reported weak ...

 Jul 24 2016 - IMF grants USD3.5bn credit line to MoroccoMENAFN
(MENAFN) The Intl' Monetary Fund (IMF) granted Morocco a two-year USD3.5bn credit line for structural reforms to boost economic growth.Moreover, the Precautionary Liquidity Line (PLL) is meant for ...

 Jul 24 2016 - NAT allocates rail work for Metro Line 3 in EgyptMENAFN
(MENAFN) The National Authority for Tunnels (NAT) assigned application of the rail work for Metro Line 3 to the ETF-ORC-TSO association.Additionally, the financial offer made by the ETF-ORC-TSO ...

 Jul 24 2016 - The number of High Definition channels is on the rise in the MENA regionMENAFN Press
(MENAFN Press) By May 2016, the satellites covering the Arab World carried 212 HD channels up from 195 HD channels by March 2015. A new report from Arab Advisors Group overviews the High ...

 Jul 24 2016 - Dow and DuPont Stockholders Approve MergerMENAFN Press
(MENAFN Press) United Arab Emirates, July 21, 2016— DuPont (NYSE:DD) and The Dow Chemical Company (NYSE:DOW) announced that, at their respective special meetings of stockholders held on July ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help