Qatar’s Masraf Al Rayan Halts Libyan Bank Stake Buy On Political Conditions

Qatar’s Masraf Al Rayan has put its planned acquisition of a stake in a commercial bank in Libya on hold until political conditions in the north African country improve, it said in a statement.

The second-largest sharia-compliant lender by assets in the Gulf Arab state had said in January 2013 that it was looking to buy a strategic stake in a Libyan commercial bank, although it did not name the acquisition target.

However, in a bourse filing on Tuesday, Masraf said it had put the deal on hold “until further notice, or till positive indications in the field of investment in Libya are evidenced.”

Libya is struggling with anarchy as two parliaments and governments compete for legitimacy three years after Muammar Gaddafi was ousted.