Qatar's Islamic lender Masraf Al Rayan has bought an additional 5 percent stake in Al Rayan (UK) Ltd from Qatar Holding LLC.

This represents a purchase of 5,000,000 ordinary shares of GBP1 par value.  As a result of the purchase, Masraf Al Rayan shareholding in Al Rayan (UK) Ltd has increased from 70 percent to 75 percent, the bank said in a statement on the Qatar Stock Exchange on Monday.  Al Rayan (UK) Ltd holds 98.34 percent of Al Rayan Bank PLC.

Masraf Al Rayan is in talks with Khalij Commercial Bank over a potential merger, which will lead to the creation of one of the largest Sharia-compliant banks in Qatar and the Middle East.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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