Libya seeks to buy Egypt's share in international Islamic bank

Libyan businessmen have started to hold negotiations to buy Egypt's share in the International Islamic Bank for investment, that amounts to 81% of the bank's capital, $100 million, distributed among al-Ahli, Cairo, Egypt and Alexandria banks through Cairo Bank's board of directors, authorized by the Egyptian government to undergo this process.

Egyptian banking sources said that the Saudi commercial Al-Ahli bank presented the same request for the interest of El-Ragehy Saudi group for investments, yet when the Saudi bank failed to obtain permission from the Saudi monetary corporation, the Cairo Bank officials began to hold negotiations with the Libyan side.