Qatari bank fined $2m by UK regulator

The UK subsidiary of Qatar Islamic Bank (QIB) has been fined £1.4m ($2m) by local banking regulator the Prudential Regulation Authority (PRA) for “significant failings in assessing, maintaining and reporting to the regulator on its financial resources”.The fine relates to the period 30 June 2011-31 December 2012 when QIB-UK failed to undertake regular assessments of its capital or report high levels of exposure to a group of connected companies.