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Sunday, April 30, 2017
Al Rayan Bank has halted plans to acquire a stake in a commercial bank in Libya until a further notice or positive investment indications in the country are evident, it said in a statement carried by Qatar Exchange website. The decision, during a board meeting, means the bank abandoned for now its previously proposed acquisition of a 40% stake in a Libyan bank, a plan that aimed to create the first Sharia-compliant bank in the North African Arab country. Established in 2006, Al Rayan Bank offers Sharia-compliant banking, financing and investment services with a capital of QR 7.5 billion (US$2.06 billion).
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