Doha - Mubasher: Masraf Al Rayan will merge with Barwa Bank and the Qatar International Islamic Bank (QIIB), Masraf Al Rayan chairman and managing director Hussain Al Abdulla announced during the ordinary general meeting on Wednesday.

A committee has been established comprising the management of the three banks so as to manage the merger process according to a specific timeline, Al Abdulla said in a statement to the Qatar Stock Exchange (QSE).

“This committee utilises the support of both financial and legal consultants with the objective of conducting the necessary studies and evaluations for the merger process in compliance with Qatar’s laws and regulatory requirements, as well as best international practices”, he stated.

The merger structure remains subject to the final approvals from the boards of the three banks and their investors, the top executive said, noting that the deal is awaiting the final approvals from regulatory and supervisory authorities.

The three banks will issue combined statements pertaining to the merger in due course, the statement added.

On Monday, CNBC Arabia reported via its official Twitter account that the three banks will merge in October 2017.

In December, the three banks had expressed an interest in the merger, which would result in creating the largest Islamic bank in Qatar with assets exceeding QAR 160 billion and a capital of more than QAR 22 billion.

The new entity would become the third-largest Islamic Bank in Middle East.