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Wed 14 May 2014 12:33 PM

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Qatar's Ooredoo signs Islamic loans worth $498m

These will be used for general corporate purposes, Ooredoo said in a statement

Qatar's Ooredoo signs Islamic loans worth $498m

Qatar's Ooredoo has signed three Islamic loan facilities with local banks totalling $498m, the telecommunications operator said on Tuesday.

Ooredoo, which has operations in Africa, Asia and the Middle East, has agreed one-year murabahas - a sharia-compliant cost-plus-profit arrangement - of $166m each with Qatar Islamic Bank, Masraf Al Rayyan and Barwa Bank.

These will be used for general corporate purposes, Ooredoo said in a statement.

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