The UK arm of Qatar Islamic Bank has been fined nearly £1.4 million (QR7.2 million) by the Bank of England’s regulatory body for failing to properly report its financial resources in 2011 and 2012.

For over a year, the QIB subsidiary did not undertake a regular assessment of its capital and “failed to meet some of the most basic regulatory standards,” Reuters quoted Andrew Bailey, chief executive of the PRA, as saying. QIB UK said it has rectified the problems.