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Fri 4 Dec 2009 10:39 AM

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Qatar Islamic has $15m exposure to Dubai World

Lender is the first Qatari bank to declare exposure to the Dubai state-owned conglomerate.

Qatar Islamic Bank

said on Thursday it had exposure to a Dubai World Islamic bond maturing in 2017 worth QR54m ($14.84m).

The lender is the first Qatari bank to announce its exposure to the Dubai state-owned conglomerate, which is restructuring debts worth $26bn.

"The financial impact currently will affect the negative investment fair value reserve," it said. "

will keep observing the situation and its financial consequences which will be disclosed accordingly." ($1=3.638 Qatari Riyals) (Reuters)

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