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- Qatar Islamic Insurance Group AGM proposes cash dividend of 50% of paid-up capital
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
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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
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
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