ArabianBusiness.com - Middle East Business News
Friday, 10 October 2008 | 23:53 UAE time

YOUR DIRECTORY /

Print this page Print this page | Email this to a friend Email this to a friend | Discuss this article (0 Comments) |

Doha Bank eyes $1bn sukuk

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 05 November 2007

Doha Bank plans to sell a $1 billion bond in September next year to finance investments in renewable energy, the chief executive officer said yesterday.

Islamic bonds, known as sukuk, comply with Islam's ban on lending on interest. Bondholders are instead paid returns derived from underlying assets, such as rent from real estate.

"We're looking to raise up to $1 billion through an Islamic bond in September next year for renewable energy," Doha Bank's Chief Executive Raghavan Seetharaman told Reuters on the sidelines of an Islamic conference in Qatar.

Story continues below
advertisement

The bank wanted the money for projects such as setting up an exchange for trading greenhouse gas emissions permits, Seetharaman said. He gave no further details.

The market for carbon credits in the Middle East is nascent, but worldwide is growing rapidly.

The global carbon credit market traded volumes of over $30 billion last year, up from less than $1 billion in 2004. The rapid expansion has caught the attention of a growing number of international investment banks.

The region has a large carbon footprint - Qatar emitted the highest greenhouse gas emissions per capita in 2003, according to a UN Development Programme report issued last year.

Print Print | Email Email | Discuss this article |



USER COMMENTS (0 COMMENTS)

CLICK HERE TO POST A COMMENT

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code * Code


Please click post only once - your comment will not be published immediately.

more ยป MIDDLE EAST MARKETS DATA

DHBK.DSM

Last Price:

48.00

+0.60+1.28%

9 Oct 2008 09:28 GMT
(Market Closed)

CURRENCY CONVERTOR

RELATED LINKS

  1. Doha Bank»

 EMAIL ALERTS

  1. Doha Bank

  2. Banking & Finance



BUSINESS FEATURES

Race to the bottom

The London-New York fight to be the world's pre-eminent financial centre is now a race to the bottom.

Kuwait's bull run turns bearish

Kuwait rode the emerging market wave for most of this year but now the mood is changing. Soren Billing reports.

Hedge fund revolt

London is turning its back on the $450bn industry that helped make the city a world financial leader.

ArabianBusiness.com/Jobs - Middle East Jobs Search
  1. Senior Account Executive in Public Relations
    Industry: Finance
    Location: Middle East
  2. Head of Loans Administration
    Industry: Finance
    Location: Qatar, Qatar
Browse all jobs »

BUSINESS INTERVIEWS

Why there's life after Lehman

As global markets go into freefall, where will sovereign funds be looking next? Makram Azar explains.

The iron lady

Global Investment's Maha Al Ghunaim on the Gulf's ability to come through the global financial crisis intact.

Comeback kids

Arabian Business talks to Unicorn's CFO to discover why Islamic finance is now in higher demand than ever.

MORE FROM ARABIANBUSINESS.COM