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Qatar’s regulator hopeful of merger of 3 Islamic banks

Islamic banksQatar Central Bank is hopeful that the planned three-way merger of Islamic banks in the country could become a reality in 2018. The central bank’s governor Sheikh Abdullah bin Saud al-Thani said he is hopeful the planned merger between Masraf Al Rayan, Barwa Bank and International Bank of Qatar would proceed as planned. He, however, said a successful deal would depend on other factors, such as shareholder support, and the central bank was waiting for a report by financial advisers before acting on the merger. The 3 banks have been discussing on the merger, though they missed an end-2017 target date to complete the proposed deal. Sheikh Abdullah said a successful merger will create a solid lender with more than 180 billion riyals of assets.

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