Mubasher: Qatar Islamic Bank (QIB) on Thursday said that it has sold its 60% stake in the Asian Finance Bank (AFB) to Malaysia Building Society Bhd (MBSB).

The agreement was signed on 4 November 2017, but the largest Qatari Islamic bank by total assets executed the sale on Wednesday, 7 February 2018, according to a statement to the Qatar Stock Exchange (QSE).

The QSE-listed lender received cash proceeds worth $91.4 million from the sale of its stake, the statement showed.

The deal shall have no material impact on the bank’s financial performance at the time of exit or in the future, the statement concluded.