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- Tourism to match oil as biggest contributor to Saudi Arabia's economy by 2030, minister says
- Bechtel wins deal to develop 3 new terminals at Riyadh airport
- NBB reports highest quarterly profit of $74.5m
- Air Arabia reports strong Q1 with $96.6m net profit, up 34%
- Al-Ahli Bank of Kuwait Group holds Q1 2025 analyst conference call
- Boursa Kuwait, KCC promote Kuwaiti capital market to London's leading asset managers
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- Doha emerges as global epicenter for fintech, insurtech innovation as MENA summits conclude
- QSE index closes 0.22 percent lower
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02/03/2018 07:37 AST
The Qatar Central Bank is evaluating a proposal on the three-way combination of Masraf Al Rayan, Barwa Bank and International Bank of Qatar (IBQ) that will pave the way for the creation of the country's largest Shariah-compliant bank, according to the chairman and managing director of Masraf Al Rayan.
The tie-up will be completed once regulators approve the deal, Dr Hussain al-Abdulla said at Masraf Al Rayan's annual general meeting on Tuesday, without giving a time frame.
Al-Abdulla had said in April that Masraf Al Rayan would issue new shares to acquire the other two banks, helping to form a lender with about QR178bn ($49bn) of assets.
The QCB hired JPMorgan Chase & Co to advise on the transaction, al-Abdulla said at the AGM. The New York-based lender was appointed to assist the central bank in early 2017, according to a person familiar with the matter.
A spokesman for the QCB didn't immediately respond to requests for comment, while a spokesman from JPMorgan declined to comment.
Qatar, a country of 2.7mn people, has about 20 local and international banks competing for a share of business. QNB is the Middle East's largest lender with about $221bn of assets, according to data compiled by Bloomberg.
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Al Rayan Bank is planning more securitisations backed by Shariah-compliant loans, after recently selling the UK's first deal tied to Islamic-style home purchase plans.
The bank expects to o
Gulf Times
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National Bank of Bahrain (NBB) has reported a 2% year-on-year increase in net profit attributable to shareholders reaching BD28.1 million ($74.5 million) for the first quarter ended 31 March 2025, co
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