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Mon 3 Dec 2012 06:09 PM

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QIB UK closes seventh Islamic structured note

London-based QIB subsidiary plans to roll out similar Islamic products every year

QIB UK closes seventh Islamic structured note

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.