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Posted On: 17 March 2011 10:36 am
Updated On: 12 November 2020 02:10 pm

QIIB to buy out UK Islamic bank

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Qatar International Islamic Bank agreed to buy out the part of Islamic Bank of Britain it doesn’t already own for about £4.8mn ($7.7mn) as it tries to create an international Shariah-compliant lender. IBB investors will get one peny in cash for each share, QIIB said yesterday. The transaction values IBB at about £25.5mn. IBB is unprofitable, and any increase in net income will depend on future injections of capital, the Qatari buyer said. QIIB bought £20mn of shares in IBB in August, bringing its stake to about 81%.