QIB denies being part of mega bank deal

09/04/2012 22:59 AST

Qatar Islamic Bank (QIB) said in a statement that while it is “delighted” that Qatar will be home to the new Islamic bank, QIB is not part of the initiative.

Earlier today it was reported that the Islamic Development Bank (IDB), Dallah Albaraka Group and Qatar Islamic Bank signed an agreement to launch a new Islamic bank in Doha with a proposed capital of $1 billion.

However, QIB has denied its involvement, saying that the Memorandum of Understanding (MoU) signed in Khartoum to establish a new Islamic Bank in Doha mistakenly cited QIB as a signatory. “We would like to confirm that QIB was not part of this initiative,” it said in a statement.

“We take this opportunity to welcome this initiative, and we are delighted that the State of Qatar is a founding member and a host for this new bank. This will have very positive repercussions on the Islamic finance industry regionally and globally, and will position Qatar as an Islamic banking hub,” the statement added.


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