Qatar International Islamic Bank (QIIB), parent company of Islamic Bank of Britain (IBB), is considering the sale of the UK's only sharia-compliant retail lender as it struggles to gain scale in the UK market.
IBB confirmed it had received an approach by QIIB, which currently owns a controlling 88.41-percent stake, to take over the remaining shares with a view to a possible sale as it considers the strategic future of the UK bank.
Masraf Al Rayan, the biggest Islamic bank in Qatar, said on Monday that it had begun negotiations to acquire a 70-percent stake in IBB, with the remaining 30 percent stake to be bought by the Qatar government.
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