Thursday, March 27, 2008

QIB arranges $137,500,000 Musharaka Sukuk for Salam Bounian company

Doha • QIB arranged and successfully closed Musharaka Sukuks worth $137,500,000 on behalf of the ‘Salam Bounian Development Company Limited’.

The capital raised will be used to finance the construction of ‘The Gate’, a mixed use real estate project being built by Salam Bounian in the West Bay area of Doha.

Qatar National Bank Al Islami, the Islamic branch of Qatar National Bank and ALSAFA, the Islamic banking division of the Commercialbank of Qatar QSC, were joint lead managers and bookrunners for the issue.

“This marks the first time ever that a Sukuk issue was managed completely by Qatari banks, without the involvement of any foreign institutions,” said Jean-Marc Riegel, General Manager, Investment Banking and Development Group, QIB. “This paves the way for more Sukuk mandates for QIB in the future.” He added: “Now that the Qatari Riyal can be cleared through Clear Stream and Euroclear, we are optimistic that we will be issuing the next Sukuk in Qatari Riyals.”

The Sukuk will be listed on the Luxembourg Stock Exchange for secondary market trading. Internationally, the Sukuk is tradable through QIB trading desks in Doha, in London through European Finance House and in Kuala Lumpur through Asian Finance House.

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