Qatar firm raises $600mn with Islamic loan

by Reuters Wednesday, 15 August 2007

Qatar's Barwa Real Estate on Wednesday said it had raised $600 million through an Islamic loan to fund real estate projects.

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Bahrain's Gulf International Bank was the lead arranger of the loan, structured as a murabaha facility.
"The loan is for one year, with the possibility of renewal for another year," Barwa official Sir El-Khatim said.

Islam bans the lending on interest, and in a murabaha deal a lender buys a commodity and sells it to a customer at a higher price, locking in a profit.

In June, Barwa said it was considering investing in Sudan as part of a strategy to expand abroad, and also announced plans to launch a bank by the first quarter of 2008 to tap growth in the Gulf Arab country's property and construction sector.



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