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Wed 24 Dec 2008 09:34 AM

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Qatar Islamic Bank eyes $1.04bn through wealth fund

Shareholders approve proposal to issue new shares to Qatar Investment Authority.

Qatar Islamic Bank has decided to issue new shares worth 3.8 billion riyals ($1.04 billion) to the Gulf state's sovereign wealth fund, a newspaper reported on Wednesday.

Qatar Islamic shareholders approved a proposal to issue about 39.38 million new shares at their Oct. 12 closing price of 97 riyals to the Qatar Investment Authority, Gulf Times reported after a shareholder meeting.

In October, the QIA launched a $5.3 billion plan to buy stakes in listed banks to shore up investor confidence in the banking sector during the global financial crisis, which triggered a regional stock market rout.

The QIA capital increase amounts to 20 percent, Gulf Times said.

Banks including Commercial Bank of Qatar and Doha Bank have announced similar plans as they strive to keep project financing on track in Qatar, the world's biggest exporter of liquefied natural gas. (Reuters)

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