Qatar's Masraf Al Rayan agrees terms of Islamic Bank of Britain offer
DUBAI (Reuters) - Masraf al-Rayan , Qatar's largest sharia-compliant bank by market value, has agreed with the Islamic Bank of Britain (IBB) the terms of a cash offer for IBB's entire capital, Masraf al-Rayan said on Sunday.
The bank did not disclose the actual terms of the offer.
IBB is majority-owned by another Qatari lender, Qatar International Islamic Bank , which has been in discussions with Masraf Al Rayan over its sale since mid-2012.
"As one of the leading banks in Qatar, we look forward to supporting the Islamic Bank of Britain in its growth plans by strengthening its balance sheet and position in the market," Adel Mustafawi, Group Chief Executive of Masraf Al Rayan, said in a bourse statement.
(Reporting by Olzhas Auyezov; Editing by Dinesh Nair)
