Qatar Islamic Bank eyes $1.04bn through wealth fund

NEW SHARES: Qatar Islamic Bank approves proposal to issue shares to Gulf state's sovereign wealth fund. (Getty Images)

Qatar Islamic Bank has decided to issue new shares worth 3.8 billion riyals ($1.04 billion) to the Gulf state's sovereign wealth fund, a newspaper reported on Wednesday.

Qatar Islamic shareholders approved a proposal to issue about 39.38 million new shares at their Oct. 12 closing price of 97 riyals to the Qatar Investment Authority, Gulf Times reported after a shareholder meeting.

In October, the QIA launched a $5.3 billion plan to buy stakes in listed banks to shore up investor confidence in the banking sector during the global financial crisis, which triggered a regional stock market rout.

The QIA capital increase amounts to 20 percent, Gulf Times said.

Banks including Commercial Bank of Qatar and Doha Bank have announced similar plans as they strive to keep project financing on track in Qatar, the world's biggest exporter of liquefied natural gas. (Reuters)

Print | Email | Discuss this article

| Share |

READERS' 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. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM