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- Bahrain All Share Index, Islamic Index close lower
- Sembcorp's 588MWp solar power plant in Oman begins commercial operation
- Sohar International officially inaugurates Saudi branch
- MSX kicks off meetings for Parallel Market for Promising Companies
- OQEP, TotalEnergies break ground at $1.6bn Marsa LNG Project in Suhar
- Fed may pause cuts again and wait for clarity on tariffs
- QIIB launches 'exclusive' promotional campaign with Visa
- AlRayan Bank concludes 'Qatar CSR Summit 2025' Diamond sponsorship
- QSE index gains 52 points; M-cap adds QR1.84bn
- Doha Insurance Group supports 'Qatar Trade and Treasury Transformation Summit 2025' as Gold Sponsor
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.
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Gulf Times
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Following its earlier announcements on March 13, 2023 and December 30, 2024, Sembcorp Utilities Pte Ltd, a wholly-owned subsidiary of Sembcorp Industries (Sembcorp), announces the start of commercial
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AlRayan Bank has concluded its participation as the Diamond Sponsor of the 'Qatar CSR Summit 2025', which was held under the patronage of leading national institutions and attended by prominent figur
Gulf Times
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