QIB, Qatar’s largest Shariah-compliant lender by assets, has raised QR2bn with a Tier 1 perpetual sukuk issue, the bank said yesterday. The sale was completed on Tuesday and was complying with Basel III banking rules, QIB said in a statement to Qatar Stock Exchange (QSE). 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, a Reuters dispatch said. Founded in 1982, QIB is Qatar’s first Islamic financial institution and Shariah-compliant bank. Its products and operations are supervised by a Shariah board, which ensures the bank adheres to Islamic finance principles, reports QNA. In February QIB shareholders had given approval to raise up to QR5bn ($1.37bn) through a capital boosting sukuk. PICTURE: Nasar T K
