Qatar Islamic Bank's board approves $1.5bn sukuk

Four banks hired to manage issuance; QIB now seeking regulatory approvals

Qatar Islamic Bank was a winner at the 2011 Arabian Business Qatar Awards.

Qatar Islamic Bank was a winner at the 2011 Arabian Business Qatar Awards.

Qatar Islamic Bank's (QIB) board has approved its $1.5bn sukuk issuance programme, a company statement said on Sunday.

The bank has hired HSBC Holdings Plc, Standard Chartered Plc, Deutsche Bank AG and QInvest LLC to manage the issuance, a company spokesman said.

"Based on the approval, the bank will now pursue all necessary regulatory approvals from the relevant authorities," the statement said.

The lender last tapped global debt markets with a $750 million sukuk in 2010, which carried a profit a profit rate of 3.856 percent, according to Thomson Reuters data.

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