Qatari lenders Masraf Al Rayan QPSC, Barwa Bank QSC and International Bank of Qatar QSC have ended talks for a three-way merger as they could not reach an agreement to complete the transaction, the banks said in a June 14 filing to the Qatar Stock Exchange.

A deal would have created the largest Shariah-compliant bank in Qatar and the third-largest such lender in the Middle East.

In March, Masraf Chairman Hussain Al-Abdulla said the deal was only awaiting regulatory approval.

As of June 14, US$1 was equivalent to 3.64 Qatari riyals.