Qatar's top Islamic bank Al Rayan gains on profit surge
- Qatar: Monday, January 28 - 2013 at 16:37
The QE Index bounced back 0.28% to reach 8,665. 19 points. Shares of Masraf Al-Rayan, the Gulf state's first Shari'ah-compliant financial institution, added 0.53% to finish at QR76.20. Earlier in the day, Al Rayan said it earned in 2012 a net profit of QR1.5bn in 2012 versus QR1.4bn in 2011. Total assets reaching QAR 61,628 million, compared with QR55.271bn in Dec. 31, 2011, a growth rate of 11.5%. The bank added that its board of directors discussed at its meeting a number of issues related to the acquisition of equity in different companies, where the board was briefed on the steps under way to complete the acquisition of a significant equity of the Islamic Bank of Britain (IBB) and also was briefed on the steps under way with respect to the acquisition of shares of a commercial bank in Libya through a capital increase, this is in light of preliminary approval of Qatar Central Bank. IBB has not generated profits since its inception in 2004. A deadline for Al Rayan to buy over the majority stake (84%) in IBB which is currently held by Qatar First Islamic Investment was set at Feb. 4 2013.
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