Islamic Bank of Britain appoints new board members
THE Islamic Bank of Britain, taken over last month by the Qatar International Islamic Bank in a £25m deal advised in Birmingham, has named a series of new board members.
Khalifa Jassim Al – Kuwari, Adel Mohammed Tayyeb Mustafawi and Jamal Abdullah Al -Jamal have all been appointed to the main board with Mr Al-Kuwari assuming the role of chairman.
Mr Al – Kuwari, 34, is a Qatari national and is the chief operating officer of the Qatar Investment Authority and Qatar Holding where he oversees the entire business support infrastructure (Risk, Legal, HR, IT, Finance and Administration) for QIA and QH.
Mr Al-Kuwari, who is also the head of Business Development at QH, joined QIA in early 2007.He holds a Masters’ degree in Accountancy from Cleveland State University and sits on the board of directors of several local and international companies.
Mr Mustafawi, 43, is also a Qatari national and is group CEO of Masraf Al Rayan since inception, board member and executive director of Al Rayan Investment and board member of Kirnaf Investment & Installment in Saudi Arabia. He has 20 years of experience in Treasury capital markets and banking. Prior to MAR, he spent 10 years at Qatar National Bank where his last position was Treasurer and five years at the Government of Qatar Investment Office. He is a graduate of the University of Arizona, majoring in finance.
Mr Al – Jamal, also 43, is a Qatari national and is deputy CEO at the Qatar International Islamic Bank. He is also managing director at the Qatar Islamic Insurance Company. Since 1997 Mr Al – Jamal has held various positions at QIIB and prior to 1997 he was with the Internal Audit Department at Qatar Central Bank. He was educated at Qatar University and graduated as a Bachelor of Accounting.
While all three directors have been nominated by IBB’s 80.95% shareholder QIIB, only Mr Al – Jamal has a current association with QIIB and is therefore not considered independent.
The IBB board now comprises: Mr Al – Kuwari, chairman (nominee of QIIB); Gerry Deegan, managing director, Sultan Choudhury, commercial director; Robert Owen, senior independent director; Mr Mustafawi, director (nominee of QIIB); and Mr Al – Jamal, director (nominee of QIIB).
The bank was taken over by QIIB, its majority shareholder, last month. QIIB reached agreement on a recommended unconditional cash offer for the entire issued and to be issued share capital of the company not already held by QIIB.
Under the terms of the offer, shareholders will receive one penny for each IBB Share. The offer valued IBB at £25,464,700.
IBB was advised locally by Charles Cattaneo and Ian Stanway of Cattaneo Corporate Finance, with Keri Rees and Steven Hacking of Eversheds providing legal advice.
