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Thu 25 Nov 2010 11:11 AM

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Masraf to provide $550m facilities to Meera

Qatar's second-largest Sharia lender to provide funding for retailer's planned expansion

Masraf to provide $550m facilities to Meera
Masraf Al Rayan said it agreed to provide credit facilities valued at 2 billion riyals. (Getty Images)

Masraf Al Rayan,
Qatar’s second- largest Shariah-compliant lender, said it agreed to
provide credit facilities valued at 2 billion riyals ($550 million) to
Al Meera Consumer Goods Co.

The facility
is to finance expansion plans by the Qatari retailer, which is
increasing the number of stores it operates and is moving into direct
imports, the bank said in a statement to the Qatari bourse Thursday.

“Masraf Al
Rayan plans to diversify its customer base and build relationships with
Qatari companies that believe in a unique vision vis-à-vis investment
and expansion,” Adel Mustafawi, chief executive officer of Masraf, said
in the statement.

Qatari
companies, including Qatar Islamic Bank, Qatar Telecom QSC and Qatar
National Bank SAQ, have turned to debt markets this year as investors
seek yields from what the International Monetary Fund projects will be
the world’s fastest growing economy in 2010.

Al Meera
shares started trading on the Qatar Exchange last year. The stock rose
0.2 percent to 57.5 riyals yesterday and is up 6.3 percent this year.
Masraf Al Rayan shares, up 14 percent this year, rose 1.2 percent to
16.3 riyals Wednesday. (Bloomberg)

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