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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.
Gulf Times
22/03/2018
Qatar's first Shari'a-compliant exchange traded fund and arguably, the largest single-country Shari'a compliant ETF in the world was listed on Qatar Stock Exchange (QSE) yesterday. The Al Rayan Qatar
The Peninsula
21/02/2018
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
07/02/2018
Birmingham-based Al Rayan Bank has mandated banks to raise £250mn ($352mn) via Islamic bonds, or sukuk, using a residential mortgage-backed securitisation, the Shariah-compliant lender has said.
Gulf Times
21/02/2025
Abu Dhabi's Adnoc raised about Dh10.4 billion ($2.84 billion) from the sale of 3.1 billion shares in Adnoc Gas on "exceptional" demand from Gulf and international institutional investors.
Th
The National
20/02/2025
Saudi Tadawul Group said it's targeting more mergers and acquisitions as it looks to further develop the local capital market and draw in foreign investors.
The owner of the Saudi stock excha
Bloomberg
20/02/2025
In a grand display of community spirit and dedication to sustainability, LuLu Saudi Hypermarket hosted the highly anticipated LuLu Walkathon on Saturday, February 15, 2025, to commemorate Saudi Found
Saudi Gazette
19/02/2025
Commercial Bank has participated in the 'Tawteen' initiative, a nationalisation programme led by the Ministry of Labour (MoL) aimed at empowering Qatari nationals in line with Qatar National Vision 2
Gulf Times
18/02/2025
The Saudi Dairy and Food Products Company participated in the 12th Career Forum at King Abdulaziz University. The event took place from Feb. 2 to 6, under the patronage of Prince Saud bin Mishal bin
Arab News
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