Qatar Islamic Bank sukuk

Reuters reports (8 Feb 2016) that Qatar Islamic Bank (based in Doha with a London branch) plans to increase its sukuk programme, to sum up to USD3 b, double the current volume. QIB is also seeking to extend approval of a riyal denominated (3b, USD 824 m) portion of a larger Tier 1 capital perpetual sukuk programme.

Last October according to the QIB webpage, the bank offered a sukuk rated A- S&P / A+ Fitch (both stable outlook), USD 750 million 5-year RegS only Sukuk, issued at par with a profit rate of 2.754%. Final orders closed at over USD 1.75 b, an oversubscription of 2.33, from 105 accounts.

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