Published On: Thu, Jul 2nd, 2015

QIB Raises QR 2 Billion Sukuk

QIBQatar Islamic Bank (QIB) announced that it has raised QR 2 billion in Basel III compliant Additional Tier 1 Perpetual Sukuk to enhance the Bank’s capital adequacy ratios and to support future business growth. “The transaction was completed on 30th June 2015,” said a QIB statement posted today on Qatar Stock Exchange website.

QIB was founded in 1982, becoming the country’s first Islamic financial institution and Sharia’-compliant bank. Its products and operations are supervised by a Sharia’ board, which ensures the Bank adheres to Islamic finance principles.

Source: Qatar News Agency

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