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.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Investor interest in real estate investment trusts (REITs) has...

First bank merger in 20 years sets Saudi Arabia up for more deals

First bank merger in 20 years sets Saudi Arabia up for more deals

Q&A look at what the planned merger of HSBC and RBS’s Saudi ventures...

A natural move: How Dubai Chamber is strengthening its ties in Latin America

A natural move: How Dubai Chamber is strengthening its ties in Latin America

With vast resources and more than half-a-billion people, the...

Most Discussed
sponsoredTracking