Masraf Al Rayan, Qatar's largest Islamic lender by market value, is seeking shareholder approval to buy a strategic stake in a Libyan commercial bank through a capital increase, it said on Monday, without naming the target entity.
The sharia-compliant bank will ask shareholders to approve the stake purchase, due diligence of which is currently in progress, at a meeting on Feb. 18, it said in a bourse filing. No further details on the planned acquisition were provided.
The bank may issue an Islamic bond, or sukuk, in the future as it seeks to expand regionally, a brokerage note from QNB Financial Services said.
UPDATE 1-Qatar' Masraf al Rayan seeks nod for Libya bank stake buy | Reuters
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