Qatar's QIB seeks approval for $825m Tier 1 Sukuk Issue

Qatar's QIB seeks approval for $825m Tier 1 Sukuk Issue
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Published February 12th, 2015 - 21:56 GMT via SyndiGate.info

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The Tier 1 sukuk would be used to support the bank’s capital requirements for future growth and expansion, it said in a statement to the bourse.
The Tier 1 sukuk would be used to support the bank’s capital requirements for future growth and expansion, it said in a statement to the bourse.
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Qatar’s central bank

Qatar International Islamic Bank (QIIB) is seeking shareholder approval to raise up to SAR3 billion ($825 million) through a capital-boosting sukuk issue, becoming the latest Gulf bank to look to debt markets to replenish reserves after a period of strong lending growth.

The bank announced the plan on Monday after reporting full-year net profit of SAR826 million ($226 million), up 10.1 per cent.

The Tier 1 sukuk would be used to support the bank’s capital requirements for future growth and expansion, it said in a statement to the bourse.

QIIB’s total capital adequacy ratio, a combination of Tier 1 and Tier 2 capital, stood at 16.27 per cent at the end of 2014 against a 12.5 per cent minimum prescribed by Qatar’s central bank.

 
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