London-based QIB UK, a subsidiary of Qatar Islamic Bank, has closed its seventh Islamic capital-protected note with plans to roll out similar products every year, its head of asset management said.
QIB UK has now raised over US$190m since it launched its "Hemaya" structured note programme in 2010, having raised US$153m through the first six tranches.
"We are looking to launch several tranches every year," Anouar Adham told Reuters by email. "The idea is to offer different vehicles to [investors with] different risk profiles to match their requirements."
The latest tranche is a three-year note linked to Islamic bank stocks from the Qatar and Saudi Arabia stock exchanges.
"As far as I know we are the first and only institution that offered a capital-protected structure note that allows the client to get exposure to Islamic banks," Adham said.
The first three tranches of the programme, which had raised a combined US$62m, have also matured, he added.
In September, QIB UK announced it would also offer a structured note based on a five-year sukuk which Qatar Islamic Bank issued in October.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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