Qatar: A day ahead of Qatar's National Day, the QE 20 Index closed Monday trading 0.18% higher at 8,350.74. Islamic Bank of Britain (IBB), majority-owned by Qatar International Islamic Bank, has said a deadline for a Qatari bank to decide on a proposed takeover offer had been extended to January, Reuters has reported. The UK's only Shari'ah-compliant retail lender has been in discussions since June with Qatari lender Masraf Al Rayan to sell a controlling stake in the British bank. A deadline for Masraf to announce a firm intention to make an offer for IBB lapsed on December 10 and has now been extended to January 7. While Commercial Bank of Qatar (up 0.85%) and Qatar Islamic Bank or QIB (0.80% higher) supported the gauge, Islamic bank Masraf Al-Rayan declined 0.20% to QR26. Earlier in the day, Islamic Bank of Britain (IBB), majority-owned by Qatar International Islamic Bank, has said a deadline for a Qatari bank to decide on a proposed takeover offer had been extended to January, Reuters has reported. The UK's only Shari'ah-compliant retail lender has been in discussions since June with Qatari lender Masraf Al Rayan to sell a controlling stake in the British bank. A deadline for Masraf to announce a firm intention to make an offer for IBB lapsed on December 10 and has now been extended to January 7. Masraf Al-Rayan also plans to expand within the GCC, a person familiar with the matter told AMEinfo.com. The Qatar Exchange will remain closed Tuesday, Dec. 18, on the occasion of the country's National Day. Trading will resume Wednesday. [AMEInfo.com]
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