IslamicFinance.de

Al Rayan Investment is working on the requirements of authorising a new bank with an expected paid-up capital of $10mn and an authorised capital of $20mn. The new bank is intended to be the first full-fledged digital bank in the Astana International Financial Centre (AIFC). Adel Mustafawi, Group CEO of Masraf Al Rayan said that Kazakhstan represents a new hub for Islamic finance in Central Asia, which offers considerable potential; while AIFC represents the optimal platform for Al Rayan. AIFC governor Dr Kairat Kelimbetov welcomes the decision of Al Rayan Investment to establish a fintech bank in AIFC. The new digital bank will focus on the development of Islamic banking products and investments facilitated by the application of cutting edge fintech products.

Qatar-based bank Masraf Al Rayan is in the final stages of due diligence to acquire a stake in a Libyan lender. According to the group chief executive Adel Mustafawi, after preparing the required studies, a memorandum of understanding will be signed before proceeding to secure the required approvals from the authorities in both Qatar and Libya. Shareholders of Rayan had approved in February its plan to buy a stake in a Libyan lender, while also voting to give the board of directors control over a QR1bn ($275mn) war chest to make acquisitions over the next two years. Moreover, the bank has also made significant progress in fulfilling the requirements of acquiring a stake in Islamic Bank of Britain.