Al Rayan Bank Shelves Plan to Acquire Stake in Libyan Bank

Doha, September 23 (QNA) - Al Rayan Bank has halted plans to acquire a stake in a commercial bank in Libya until a further notice or positive investment indications in the country are evident, it said Tuesday in a statement carried by Qatar Exchange website. The decision, made yesterday during a board meeting, means the bank abandoned for now its previously proposed acquisition of a 40-percent-stake in a Libyan bank, a plan that aimed to create the first Sharia-compliant bank in the North African Arab country. Established in 2006, Al Rayan Bank offers Sharia-compliant banking, financing and investment services with a capital of QR 7.5 billion. (QNA)