Qtel agrees $500m debut Islamic finance deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Qatar Telecom (Qtel), one of the Gulf Arab region's largest telecoms firms, has signed its debut Islamic financing facility, the operator said on Tuesday.

The US$500m deal, which runs for 18 months and is structured as a revolving Murabaha facility, was provided by Qatar Islamic Bank in a capacity as sole mandated lead arranger, the former monopoly said in an emailed statement.

A murabaha is a sharia-compliant cost-plus-profit arrangement.

Qtel, which operates in 16 countries across the Middle East, Africa and Asia, has sent out requests for proposals (RFPs) to banks for a syndicated loan of up to US$1bn, Reuters reported on Thursday, citing banking sources.

Related:
Companies

Market Performance

Qatar Telecom
0.0
0.0 0.0 (%)
Join the Discussion

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

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Growth spurt for Gulf's e-commerce sector

Growth spurt for Gulf's e-commerce sector

The recent sale of Talabat.com to Germany’s Rocket Internet for...

What's behind modern spaceship design?

What's behind modern spaceship design?

A fleet of privately owned vehicles is set to challenge NASA...

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Experts have put the vital industry on high alert as the threat...

Most Discussed
  • 10
    Nakheel PR: The toughest job in Dubai?

    On service charges.

    We were overcharged for years by Nakheel so that those loans could be paid back.

    The dramatic cuts have come to nothing... more

    Friday, 27 March 2015 7:32 PM - Pondersome George
  • 10
    Has Narendra Modi already lost the plot?

    Modi was elected just because the earlier govt was corruption ridden and a mess.Add to it their insistence on rahul Gandhi leading who is nothing but a... more

    Friday, 27 March 2015 7:33 PM - Charles
  • 5
    Drunk passenger who slapped air stewardess jailed in Dubai

    I agree that a charge for alcohol may help but it doesn't necessarily prevent the wealthy from drinking and acting irresponsibly - particularly as with... more

    Friday, 27 March 2015 7:31 PM - Doug