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15 July 2024

QIB looks at possible buys in Egypt

By Agencies


Qatar Islamic Bank is looking at possibly buying a bank in Egypt to make it sharia-compliant, and is applying for a licence to operate in Turkey, London-based MEED said, citing a company spokesman.

The lender is look at as many as three Egyptian banks as possible acquisition targets to give it access to the underdeveloped Islamic banking industry in the country, the magazine reported on its website on Wednesday, without identifying the spokesman.

Chief Executive Salah Mohammed Jaidah declined to comment when Reuters contacted him by telephone.

Qatar Islamic is looking at operating Egypt, Turkey and Gulf countries, it said earlier this month. (Reuters)