A Qatari bankm is reported to be seeking shareholder approval increase its capital in order to buy a strategic stake in a Libyan commercial bank.
In a bourse filing, he sharia-compliant Masraf Al Rayan bank said it will ask shareholders to approve the stake purchase, but it did not say which Libyan bank is to be targetted.
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.
Masraf is the second-largest bank in Qatar, and the country’s largest Islamic lender, by market value.
(Sources: Reuters, Bloomberg)