Masraf Al Rayan’s recent acquisition of the Islamic Bank of Britain (IBB) is an opportunity for the bank to expand its footprint and introduce its range of products to a fertile market, which has great potential for continued growth, the Qatari lender’s group CEO Adel Mustafawi said.
Qatar-based Masraf Al Rayan recently announced that its wholly owned subsidiary Al Rayan (UK) Limited became the new parent company of Islamic Bank of Britain, a wholly Shariah-compliant retail bank in the UK.
The acquisition of IBB by Al Rayan UK follows a cash offer made on November 28, 2013 for which Masraf Al Rayan has received valid shareholder acceptances exceeding 95% together with the approval of the Prudential Regulatory Authority for Masraf Al Rayan to take control of IBB.
Mustafawi said, “I am delighted to welcome IBB to the Masraf Al Rayan group. The bank is considered the pioneer of Islamic banking in Britain and has very strong awareness amongst consumers there. This provides the opportunity for Masraf Al Rayan to expand its footprint and introduce its range of products to a fertile market, which has great potential for continued growth.
“It will also enable Masraf Al Rayan to offer its existing Gulf-based customers additional services as they expand their activities into the UK. Masraf Al Rayan’s vision is to become a leading and innovative international financial institution and acquiring IBB represents an important step in achieving this.”
IBB interim managing director Sultan Chaudhary said, “IBB is joining Masraf Al Rayan, a fast-growing, international banking group. Going forward, IBB will have a parent company, which has a clear focus on how to develop the bank as well as having the necessary resources to achieve this. We look forward to continued success as part of the Masraf Al Rayan group.”