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Qatar's IBQ sells Islamic operations to Barwa Bank.

International Bank of Qatar (IBQ) has sold its Islamic banking retail operations to Barwa Bank. The deal comes just months after the Qatar Central Bank (QCB) told conventional banks to scale down their Islamic banking services. Under the terms of the deal, the sale includes the Al Yusr retail loans and deposit account portfolios, the two branches at Al Sadd and Al Rayyan, including ATMs, and the transfer of Al Yusr employees to Barwa Bank. The private and corporate banking portfolios are not part of the deal. IBQ is 30 per cent owned by the National Bank of Kuwait (NBK), Kuwait's biggest lender. Barwa Bank is a unit of Barwa Real Estate.

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Publication:Islamic Business & Finance
Date:Sep 27, 2011
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