Mubasher: Qatar Islamic Bank expected QAR 1 million in losses after exiting from the Asian Finance Bank (AFB), according to the Qatar-based lender's statement on Sunday.
The projected loss is resulted from the fall of the exchange rate of Malaysian Ringgit since signing the agreement on 4 November 2017, while the sale was completed on Wednesday, 7 February 2018.
On Thursday, 8 December 2017, the third major Qatari bank announced that it sold its 60% stake in the Asian Finance Bank to Malaysia Building Society Bhd (MBSB).
The Gulf state’s largest sharia-compliant lender by assets has received cash proceeds of $91.4 million from the sale transaction, the data showed.
