Qatari lender in talks to acquire oil firm stakes

Masraf Al Rayan said on Monday it is in talks to acquire stakes in two Qatari companies operating in the oil and gas industry. The Qatari lender didn’t provide names of the companies in a statement, Bloomberg reported. Masraf Al Rayan will also acquire 70 percent of Islamic Bank of Britain through a capital increase, with the Qatari government taking the remaining 30 percent, according to the statement. Last week, the bank said it has agreed financing with Qatar Solar Technologies, known as QSTec, for a $1bn polysilicon plant. Masraf Al Rayan, Qatar's fourth-largest bank by market value, posted a 16.3 percent increase in full-year net profit for 2011. The sharia-compliant bank made a net profit of QR1.41bn ($384.45m) last year, compared with QR1.21bn in the previous year. By Arabian Business