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Qatar Islamic Bank Approves Up To $1.37bn Tier-1 Sukuk Issuance

Qatar Islamic Bank Approves Up To $1.37bn Tier-1 Sukuk Issuance

The sale would be in accordance with Basel III banking rules and the final amount and currency of the offering would be decided by the board at a later date.

Qatar Islamic Bank, the Gulf state’s largest sharia-compliant bank by assets, said on Monday its shareholders had approved the issuance of up to 5 billion riyals ($1.37 billion) of Tier 1-boosting sukuk.

The sale would be in accordance with Basel III banking rules and the final amount and currency of the offering would be decided by the board at a later date, the bank said in a bourse filing.

The bank said on Jan. 18 it planned to raise up to 2 billion riyals through a sukuk which enhanced its Tier 1 – or core – capital.

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