Sheikh Dr Khalid bin Thani bin Abdullah al-Thani (left) receiving the award for the “Best Islamic Bank in Qatar” at the “London 2013 Sukuk Summit”.
International Islamic has received the award for the “Best Islamic Bank in Qatar” in the area of sukuk instruments at the “London 2013 Sukuk Summit.”
The event was attended by HE Sheikh Abdullah bin Saoud al-Thani, Qatar Central Bank Governor, and high-level personalities from the financial industry and business across the world.
Sheikh Dr Khalid bin Thani bin Abdullah al-Thani, International Islamic chairman and managing director, was honoured at the event, which has become an important one in view of the great developments in the sukuk market at the international level.
The award was given to International Islamic during the key event in recognition of its outstanding achievements in the sukuk market in particular and in the Islamic finance industry in general. By winning the award, International Islamic said it has established its prestigious position, locally and internationally.
Sheikh Dr Khalid said: “Sukuks have become a key tool and an important market in Islamic banking. Global sukuk markets have been gaining strength, which is evident from the overwhelming response to the instruments worth billions of dollars on offer. This comes as a logical response to the needs of the market.
“The importance of the Islamic instruments can be gauged from some recent economic reports that estimated that the size of the global sukuk markets had reached $130bn in 2012, up 50% on the previous year.”
Sheikh Dr Khalid expressed delight at International Islamic getting the award and said it would further motivate the bank to design and focus on more such Shariah-compliant instruments and participate in the process of developing the global sukuk market by co-operating with all banking entities in the region and around the world.
International Islamic CEO Abdulbasit A.al-Shaibei said the award comes in the series of “great successes” achieved by the bank in the issuance of sukuks.
The bank’s $700mn five-year sukuk had raised more than $5bn, which was oversubscribed more than seven times. This reflects the confidence enjoyed by Qatari economy among international investors and reflects the strong financial position of the bank in addition to International Islamic’s high ratings from international and reputable rating agencies.
Al-Shaibei said: “The award proves once again the leadership of International Islamic and its ability to respond positively, properly and timely to the latest developments in the world of Islamic banking. It also is a recognition of International Islamic’s contribution to the enrichment and development of market instruments, which have seen a strong response in various countries, an indication of bright outlook for the Islamic banking industry and its various tools.”
International Islamic has been rated A3/A- by Moody’s and Fitch respectively, both with stable outlook.
