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Wed 29 Aug 2012 08:29 PM

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Qatar's QIB plans $1.5bn sukuk issuance

Qatar Islamic Bank says will seek shareholder approval for plan on September 16

Qatar's QIB plans $1.5bn sukuk issuance
Qatar Islamic Bank was a winner at the 2011 Arabian Business Qatar Awards.

Qatar Islamic Bank (QIB) is planning a sukuk issuance programme of up to $1.5bn, a company statement said on Wednesday.

The bank will seek shareholder approval of the plan in a meeting on September 16.

"A consent from the quorum at the General Assembly will allow QIB to further process necessary approvals from the relevant authorities in Qatar with regards to potential Sukuk issuances under the Programme in the future," the emailed statement said.

The lender last tapped global debt markets with a $750m sukuk in 2010, which carried a profit rate of 3.856 percent; the sukuk was yielding about 2.35 percent on Wednesday, according to Thomson Reuters data.

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