The Doha-based QE 20 Index advanced by 0.27 per cent to 11,106.13 points on Thursday, January 16. Masraf Al Rayan (MAR) closed one per cent higher at QAR35.15. Earlier in the day, the Islamic bank said that its wholly owned subsidiary, Al Rayan (UK) Limited, has become the new parent company of Islamic Bank of Britain (IBB) a wholly Shari’a-compliant retail bank in the UK. The acquisition of IBB by Al Rayan UK follows a cash offer made on November 28, 2013, for which MAR has received valid shareholder acceptances exceeding 95 per cent, with the approval of the Prudential Regulatory Authority for MAR to take control of IBB.
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