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
 Mar 23 2017 - Jordan- King, Moroccan Monarch open African Art Exhibition in RabatJordan News Agency
(MENAFN - Jordan News Agency) Rabat, March 23 (Petra) -- Their Majesties King Abdullah II and King Mohammed VI on Thursday opened an African Art Exhibition in Rabat. The two monarchs toured the ...

 Mar 23 2017 - Jordan- King, Moroccan Monarch hold talksJordan News Agency
(MENAFN - Jordan News Agency) Rabat, March 23 (Petra) -- His Majesty King Abdullah II held talks here on Thursday with Moroccan Monarch Mohammed VI on bilateral ties and latest developments in the ...

 Mar 23 2017 - Jordan- King meets Moroccan PM, parliament speaker, President of House of CouncillorsJordan News Agency
(MENAFN - Jordan News Agency) Raba, March 23 (Petra) -- His Majesty King Abdullah II on Thursday received at his residence here Moroccan Prime Minister Abdelilah Benkirane, President of the Moroccan ...

 Mar 23 2017 - Jordan- King calls British PM, condemns terrorist attackJordan News Agency
(MENAFN - Jordan News Agency) Rabat, March 23 (Petra) -- His Majesty King Abdullah II on Thursday made a telephone call with British Prime Minister Theresa May, in which he condemned the heinous ...

 Mar 23 2017 - Jordan- Daily News BulletinJordan News Agency
(MENAFN - Jordan News Agency) Jordan News Agency (Petra) starts its daily news bulletin from Amman for Wednesday, March 22, 2017, corresponding to Jumada al-Akhirah 23, 1438 Hijri. 22/3/2017 - ...

 Mar 23 2017 - Jordan- Arab summit enjoys political and economic importance, says ministerJordan News Agency
(MENAFN - Jordan News Agency) The Dead Sea, March 23 (Petra) -- The upcoming Arab Summit has its political importance as well as its economic, social and developmental impact, which will reflect ...

 Mar 23 2017 - Jordan- Arab Economic and Social Council discusses economic filesJordan News Agency
(MENAFN - Jordan News Agency) Dead Sea, March 23 (Petra)--Assistant Arab League Secretary General for Social Affairs Badr El Din Alali said that meeting of the senior officials of the Economic and ...

 Mar 23 2017 - Foreign Ministry contacts UAE authorities on killing of Jordanian womanJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 23 (Petra)--Official Spokesperson of the Ministry of Foreign and Expatriate Affairs Sabah Rafei said that the Jordanian Embassy in Abu Dhabi and the ...

 Mar 23 2017 - Saudi executes two drug dealersThe Peninsula
(MENAFN - The Peninsula) Riyadh: Saudi Arabia executed two convicted drug traffickers on Thursday, bringing the number of prisoners killed in the kingdom to 20 so far this year. The state-run ...

 Mar 23 2017 - Qatar's Al Behaih wins gold at Special Olympics Winter GamesThe Peninsula
(MENAFN - The Peninsula) Vienna: Qatar's Hamad Jaber Al Behaih won the gold medal in the speed skating 222m event at the Special Olympics World Winter Games in Vienna, Austria. He finished the ...

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

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