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Sun 15 Jun 2008 10:08 AM

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QIB in $5bn Malaysian deal

Qatar Islamic Bank signs MoU with Gulf Petroleum Berhard for financing of oil, gas complex.

Qatar Islamic Bank (QIB) has signed a Memorandum of Understanding with Malaysia’s Gulf Petroleum Berhard (GPB) for the financing of a $5 billion oil and gas complex in the State of Perak, Malaysia.

The project includes an oil refinery, a petrochemicals plant and petroleum terminal.

The MoU, signed by Salah Al Jaidah, CEO of QIB, and Abdul Aziz Al Duleimi, chairman of GPB Malaysia, stipulates that QIB will study and eventually lead a consortium of banks and financial institutions to arrange the funding, covering both financing and equity elements of the project.

The MoU also includes the advisory element towards the funding of the project, reported English-language Qatar daily The Peninsula on Sunday.

“[This move] illustrates the international expansion strategy of the bank and enables QIB to be now considered as financial partner of national companies which have sizeable activities abroad,” said Jean-Marc Riegel, QIB's general manager of Investment Banking and Development.

“It's evidence of the company's trust in our capability to lead such projects as we are bringing innovative Shariah compliant funding instruments including private equity, Sukuk and project financing to the market.”

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