The Business Desk

A New era looms for Islamic Bank of Britain as £24.1m takeover offer is recommended by its directors

Islamic Bank of Britain's directors responded favourably to a £24.1m offer from Qatari bank Masraf Al Rayan (MAR). The offer comes through MAR’s wholly owned subsidiary, Al Rayan (UK) Limited. MAR’s offer was first muted in October 2012 when the previous offer from IBB’s majority shareholder Qatar International Islamic Bank (QIIB) lapsed. The offer is being recommended by the independent IBB directors who consider it to be fair and reasonable. The offer from Al Rayan (UK) will provide IBB with a new parent company with plans to grow the bank and inject additional capital to fund that growth. The advisory firm Cattaneo provided financial advise to the Islamic Bank of Britain, legal advice was provided by Eversheds. MAR received legal advice from CMS Cameron Mckenna.

City Briefs: Islamic Bank of Britain; M&B; Redrow

It is still discussed how to salvage the takeover of the Islamic Bank of Britain based in Birmingham. However, it is a fact that no offer for the business has been forthcoming. According to the IBB, Islamic bank Masraf Al Rayan appears to be a possible bidder following to collapse of takeover talks between the IBB and majority shareholder Qatar International Islamic Bank (QIIB). If MAR acquires IBB, QIIB will sell their 88.41% of the issued share capital of the Birmingham operation to MAR.

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