QIIB gains ‘significantly’ from robust Qatari economy: Al-Shaibei

QIIB, which successfully issued Qatar’s first Sustainable Sukuk and listed it on the London Stock Exchange (LSE), has gained significantly from the strength of the robust Qatari economy, noted bank CEO Dr Abdulbasit Ahmad al-Shaibei."The success achieved by the bank is due to many factors, foremost of which is the great confidence and strong position of the Qatari economy, which continues to achieve distinguished results in its various sectors. These enhance the appetite and interest of international investors to invest in Qatari financial instruments in particular, and Qatari economy in general,” Dr al-Shaibei told Gulf Times in an interview."This $500mn issuance is not just a financial transaction; it is a testament to QIIB’s unwavering commitment to sustainability and responsible banking."In an age where environmental, social, and governance considerations play a pivotal role in shaping the financial landscape, we are proud to take the lead in aligning our financial activities with the principles of sustainability,” Dr al-Shaibei stressed.He said QIIB’s success in issuing Sustainability Sukuk and its listing on the London Stock Exchange is part of its support and interest in implementing the contents of the Third Financial Sector Strategy, recently launched by the Qatar Central Bank, which pays special attention to environmental, social and institutional governance and sustainability.Dr al-Shaibei noted: "QIIB has a long history in the field of sukuk and was the first Qatari bank to issue an "AT1” sukuk and list it on the London Stock Exchange. We are proud to follow our success story in this field, as our current issuance of sukuk amounts to $500mn. We are now celebrating its listing on the London Stock Exchange, which was successful by all standards.”Highlighting QIIB’s relationship with the LSE, Dr al-Shaibei said: "This is our third sukuk to be listed on the LSE. Our first sukuk on the LSE was in 2019. Our journey with the LSE has been one of collaboration, trust, and shared commitment to excellence."We value the strong relationship we have built, and the launch of this Sustainable Sukuk stands as a testament to the enduring partnership between QIIB and the LSE."The incredible success of our issuance of sukuks, and the tremendous demand they received from investors after they were priced at distinguished rates, is also based on the solid position and trust that QIIB enjoys regionally and internationally. This is also based on the high credit ratings that QIIB enjoys, with an ‘A2’ rating from Moody’s and ‘A-‘ rating from Fitch."We chose LSE to list the bank’s sukuk due to many factors including the high-level professional working relationship established with the LSE and the pivotal economic role that London plays, especially in Islamic finance,” Dr al-Shaibei noted."This marks a historic moment for QIIB and, indeed, for our nation as a whole. Qatar and the United Kingdom enjoy an exceptionally strong and unique relationship because of the historic friendship and the economic cooperation between our two countries,” he added.