Barwa enters financing deal with Qatar Islamic Bank

Dubai: Qatar Islamic Bank (QIB) and real estate company Barwa announced today a Murabaha Sharia’-compliant financing deal worth 1.1 billion Qatari riyals.

QIB’s finance portfolio has increased to 15.3 billion Qatari riyals in the first half of this year, up 59.4 per cent from 9.6 billion Qatari riyals last year. Over 85.5 per cent of this portfolio was recruited in the Qatari market.

Tamer Mohamed Khedr, group chief financial officer of Barwa, said the financial agreement is part of a structural plan to maintain and manage Barwa’s liquidity.

“It is also in line with Barwa’s strategic risk management plan to combat disturbances in the global market,” Khedr added.