Qatar Islamic says bonds among financing options

by John Irish Thursday, 28 August 2008

Qatar Islamic Bank (QIB) said on Wednesday that selling Islamic bonds was among options available to it to finance its activities.

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QIB, the country's second-largest bank by market value, was considering selling Islamic bonds, or sukuk, to refinance existing debt, two bankers familiar with the transaction told newswire Reuters on Aug. 20.
The sale would depend on market conditions, they said.

"Sukuk is considered one of the available valid options for QIB to use which accordingly means that QIB has other options to fund its activities," QIB said in a statement on the Doha bourse website on Wednesday.

The bank had denied on Aug. 21 any plans to sell Islamic bonds worth $300 million.

Qatar Islamic mandated ABN Amro and Standard Chartered Bank in December to issue bonds on the bank's behalf this year, the bank said on Wednesday.

"QIB never mentioned an exact date in 2008... and QIB in addition to ABN AMRO and Standard Chartered banks did not announce any updates concerning this issue," it said.

QIB added it had the right to cancel this mandate or switch it to other banks. The bank had said in December it planned to issue Islamic bonds this year "and part of it will be used to reimburse the bridge financing." (Reuters)



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