IslamicFinance.de

An Iranian trial and execution raised questions about corruption at high levels in various countries. Reports said that Mahafarid Amir Khosravi, a billionaire businessman was executed in a prison, North of Tehran for being involved in a $2.6 billion state bank scam, the largest fraud case since 1979 Islamic Revolution in Iran. The public in America, Britain and other European countries reacted with surprisingly many comments on social media platform. They wish such a harsh punishment for their nations in order to deal with corruption amongst politician and businessmen.

Islamic Bank of Britain (IBB) narrowed its losses in 2012 a week after it raised £10 million ($15.5 million) from majority shareholder Qatar International Islamic Bank (QIIB). Last week, IBB raised £10 million by placing 1 billion shares with QIIB at a price of 1 penny each, raising the number of its outstanding ordinary shares to 4.5bn. In 2012, IBB posted a loss of £6.99m versus a loss of £9m a year earlier. Home financing business helped narrow the gap by nearly doubling to £117m in 2012 versus £61m a year earlier. The bank did not disclose personnel or administrative expenses, which in the past have represented the bulk of its costs. QIIB, which now owns 91 percent of IBB, has been in discussions since last June with Qatari lender Masraf Al Rayan to sell a controlling stake in the British bank.