Qatar Islamic Bank raises 2 billion riyals with Tier 1 sukuk
In February, shareholders of QIB approved the issue of up to 5 billion riyals of Tier 1 sukuk
Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, has raised 2 billion riyals ($550 million) with a Tier 1 perpetual sukuk issue, it said on Wednesday.
The sale was completed on Tuesday and was in accordance with Basel III banking rules, it said in a statement to the bourse. The issue will enhance the bank's capital adequacy ratios and support its business growth, it said.
QIB joins a string of Gulf banks which have tapped the debt markets in recent months to replenish their reserves after a period of strong lending growth.
In February, shareholders of QIB approved the issue of up to 5 billion riyals of Tier 1 sukuk.
Last month, Saudi Arabia's National Commercial Bank raised 1 billion riyals ($267 million) through a sukuk issue that enhanced its core capital.
World Muslim body lends support to Qatar over 2022 World CupSwiss and U.S. authorities are investigating both Russia and Qatar's successful campaigns to stage the 2018 and 2022 tournaments Sports
Iran, Qatar seek improved relations despite differencesIran is the main regional ally of Syrian President Bashar al-Assad and of Shiite militia in Yemen known as Houthis Middle East
Egypt’s Mursi seen in ‘execution’ uniformMursi was being retried for allegedly leaking classified documents to Qatar Middle East
Qatar building boom proves a challenge for foreign construction firmsThe Gulf state's plans to splurge $200 billion on infrastructure as part of its 2030 development plan Economy
What does the Turkey-Qatar military deal mean for Arab conflicts?The military agreement signed by Turkey and Qatar in December has symbolic and material implications for security in the Gulf region Analysis