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Friday, 27 November 2009 05:06 UAE time

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QIB borrows $300mn, plans sukuk

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 25 December 2007

Qatar Islamic Bank (QIB), the country's biggest Islamic lender by market value, said on Tuesday it had raised $300 million in a bank loan complying with sharia and would sell an Islamic bond next year.

Standard Chartered Bank and ABN Amro equally contributed to the 12-month murabaha loan, Qatar Islamic said in a statement on the Doha bourse website.

The two banks would also arrange an Islamic bond, or sukuk, for Qatar Islamic in 2008 to pay for the murabaha loan, it added.

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The lender was marketing a $150 million sukuk in Doha, Manama and Dubai, it said.

Islam bans lending on interest, and in a murabaha deal a lender buys a commodity and sells it to customers at a higher price, locking in profit. (Reuters)

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