Doha – Mubasher: Bank of England imposed a fine worth £1.385 million ($1.9 million) on a U.K. unit of Qatar Islamic Bank for violating capital requirements, according to a statement posted on the bank’s website on Friday.
The BOE’s Prudential Regulatory Authority said in a statement Friday that London-based QIB (UK) Plc had “significant failings” between June 2011 and December 2012 in its oversight of financial resources and capital levels, according to Bloomberg.
The bank’s large exposures amounted to more than 25% of its capital at one point during the period, breaching regulatory requirements and resulting in the lender being “temporarily significantly under-capitalized,” BOE said.
