* Sale comes ahead of central bank deadline
* No value given for acquisition
DUBAI Dec 28 Qatar Islamic Bank
will acquire the sharia-compliant corporate portfolio of
International Bank of Qatar(IBQ), the Islamic lender said on
The agreement will see IBQ's Islamic corporate financing
facilities and its deposit accounts transferred to Qatar's
largest sharia-compliant bank by assets, according to a
No value for the acquisition was given.
The move comes ahead of the Dec. 31 deadline, imposed by the
Qatar central bank, for conventional banks to stop offering
sharia-compliant banking services amid worries of overlaps
between the two.
The ban, announced in February, calls for conventional
institutions to close their Islamic banking arms - although they
could continue to manage existing assets beyond the deadline.
In August, IBQ sold the retail portion of its Islamic
banking operations to Barwa Bank, the first such sale of assets
by a conventional bank since the edict.
IBQ is 30 percent owned by the National Bank of Kuwait
, Kuwait's biggest lender.
QIB's shares closed down 0.1 percent, before the
(Reporting by David French; Editing by Rachna Uppal)