IslamicFinance.de

The latest takeover bid for the Birmingham based Islamic Bank of Britain by its majority shareholder, Qatar International Islamic Bank, has not had any success. QIIB's scheme was recently voted down at a shareholder meeting. Meanwhile, Marsaf Al Rayan has become a potential bidder for IBB. The ofer by QIIB from September 6 was worth £35.5 million.

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The Islamic Bank of Britain offers a two-year fixed account with an expected profit rate of 4pc. People of any faith can take advantage of this table-topping offer. Since the bank's investments go to Sharia compliant and ethical trading activities, the 4pc are not paid as interest but offered as an 'expected profit rate'. This account rate os only available from July 21 until August 19.

It seems that Qatar's Masraf Al Rayan is in talks to become the biggest shareholder in Islamic Bank of Britain (IBB).
The bank stated that Masraf Al Rayan will access 70% of the bank and the government of the state of Qatar will have the remaining 30%.
The bank noted that it would also get hold on "two major share portions of two Qatari companies operating in the industry of maintenance of oil and gas fields", subject to approval from authorities.

Qatar International Islamic Bank (QIIB) has agreed to buy full control of the Islamic Bank of Britain (IBB) as part of QIIB’s plans to develop an international banking business compliant with Shariah laws.
QIIB is offering one pence a share, representing a discount of 70 percent to IBB’s closing share price of 3.38 pence on March 15.

The Islamic Bank of Britain (IBB) has appointed Investment management platform provider Praemium to launch the UK’s only Sharia compliant retail discretionary portfolio service.
IBB stated Praemium’s discretionary portfolio service would give investors the chance to set up investments through its independent financial advisers.