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Thursday, 29 December 2011

Qatar: QIB acquires IBQ’s Islamic banking corporate portfolio

Doha: Qatar Islamic Bank (QIB) has announced the acquisition of IBQ’s Islamic banking corporate portfolio (Al Yusr). An agreement to seal the deal was signed by Ahmad Meshari, Acting CEO of QIB and George Nasra, IBQ Managing Director.
The transaction has received the approval of the Shariah Boards of both the banks.
Under the terms of the agreement, IBQ’s Islamic corporate financing facilities and its deposit accounts will be transferred to Qatar’s largest shariah-compliant bank by assets, a statement posted on QIB’s official
website said.
QIB’s move comes ahead of the December 31 deadline, imposed by the Qatar Central Bank (QCB) for conventional banks to close down their Islamic windows on worries of overlaps of conventional and Islamic banking models.
Meshari said: “The acquisition of this important portfolio reflects the readiness of QIB to meet corporate customers’ deal and also proves that Islamic banking can provide optimal innovative financial solutions to them.”
“We will ensure that Al Yusr’s corporate clients will receive the best banking services as is the case with our current and prospective customers.”
The Peninsula/29Dec2012
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