| SYDNEY, April 30
SYDNEY, April 30 Islamic Bank of Britain (IBB)
narrowed its losses in 2012, Britain's only sharia-compliant
retail lender said, a week after it raised 10 million pounds
($15.5 million) from majority shareholder Qatar International
IBB, which has struggled to turn a profit since its
inception in 2004, posted a loss of 6.99 million pounds in 2012
versus a loss of 9 million pounds a year earlier.
Home financing business helped narrow the gap by nearly
doubling to 117 million pounds in 2012 versus 61 million pounds
a year earlier. The bank did not disclose personnel or
administrative expenses, which in the past have represented the
bulk of its costs.
Last week, IBB raised 10 million pounds by placing 1 billion
shares with QIIB at a price of 1 penny each, raising the number
of its outstanding ordinary shares to 4.5 billion, according to
"The additional 10 million pounds of capital will allow us
to fund our asset growth and transformation programme, as we
head towards a more stable and in the long term profitable
financial position," Sultan Choudhury, IBB's managing director,
said in a statement.
QIIB, which now owns 91 percent of IBB, has been in
discussions since last June with Qatari lender Masraf Al Rayan
to sell a controlling stake in the British bank.