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 CEO Adel 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
 Aug 30 2015 - Qatar's inflation at 1.5 percent in Jan.-JulyMENAFN
(MENAFN) Qatar's consumer price index (CPI) inflation remained flat in the January-July period of 2015, with expectations that it averaged 1.5 percent compared to 3.1 percent in 2014.The lower ...

 Aug 30 2015 - Libyan drowning's and lorry of corpses drive up migrant tollGulf Times
(MENAFN - Gulf Times) Austria said yesterday 71 refugees, including a baby girl, were found dead in an abandoned freezer truck, while Libya recovered the bodies of 105 migrants washed ashore after ...

 Aug 30 2015 - French journalists charged with bid to blackmail Morocco kingThe Peninsula
(MENAFN - The Peninsula) Two French investigative journalists have been charged in Paris with trying to blackmail the king of Morocco out of two million euros ($2.2 million) in hush money, legal ...

 Aug 30 2015 - Oman claim GCC U-17 Championship titleThe Peninsula
(MENAFN - The Peninsula) Omani players celebrate with the trophy after overcoming Saudi Arabia in the final of GCC U-17 Football Championship at Aspire Academy in Doha, yesterday. Oman won the final ...

 Aug 30 2015 - Qatar coach Carreno hails team's aggressive approachThe Peninsula
(MENAFN - The Peninsula) Qatar's convincing 4-0 win over Singapore on Friday has delighted coach Daniel Carreno who said his team was ready for World Cup qualifying game against Bhutan next ...

 Aug 30 2015 - Beirut protesters to call for new polls, minister's ousterGulf Times
(MENAFN - Gulf Times) Lebanese protesters who first took to the streets over a trash crisis said yesterday they will call for new parliamentary elections and the environment minister's resignation at ...

 Aug 30 2015 - Two million visit Qatar's pavilion in Expo Milano: MinistryThe Peninsula
(MENAFN - The Peninsula) Qatar's pavilion in Expo Milano has emerged as one of the top 10 visited pavilions with two million visitors since the expo's launch in May, a statement from the Ministry of ...

 Aug 30 2015 - Egypt court hands Al-Jazeera reporters three years in jailGulf Times
(MENAFN - Gulf Times) An Egyptian court sentenced three Al-Jazeera reporters to three years in prison on Saturday, in a shock ruling following global demands for their acquittal.Canadian Mohamed ...

 Aug 30 2015 - Qatar- Lusail hosts seminar on upcoming tendersThe Peninsula
(MENAFN - The Peninsula) Lusail Real Estate Development Company hosted a seminar last week to brief contracting and engineering companies on upcoming tenders for the development of Lusail City.The ...

 Aug 30 2015 - Brief ceasefire between Syria regime, rebels endsGulf Times
(MENAFN - Gulf Times) A truce between Syrian regime forces and rebel groups in three key towns ended early on Saturday as the warring parties resumed clashes and shelling, a monitor and a mediator ...

more...


 






Google

Click to Apply

 
 

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