London Stock Exchange celebrates Qatar International Islamic Bank (QIIB) on issuing their ORYX Sustainable Sukuk
QIIB was established in 1990 as the second Islamic bank in the State of Qatar and is currently the third largest Islamic bank in terms of assets and market capitalization.
QIIB began its operations in 1991 and is listed on the Qatar Stock Exchange. The Bank has diversified regional and international partnerships.
QIIB is well-placed to provide a full array of retail and corporate banking services to its growing customer base.
A customer-centric bank, QIIB’s role in the banking landscape is gaining prominence as Islamic Banking acquires momentum as a viable and sustainable proposition alongside conventional banking.
The Bank provides comprehensive banking services to its customers through a network of branches encompassing various regions of Qatar.
International rating agency Fitch has rated QIIB at ‘A-’, with a positive outlook while Moody’s has given ‘A2’ with a stable outlook.
The $500 million sustainable sukuk issuance with a five-year tenor is to diversify the sources of funding with different maturities and to tap into new markets.
QIIB's decision to list the Sukuk on the London Stock Exchange for the third time is considered a strategic decision based on the London Stock Exchange’s position as the leading venue for Islamic Finance in Europe.
Dr. Abdulbasit Ahmed Al-Shaibei QIIB CEO, said, "We are very pleased with the success of our first Sustainable Sukuk issuance, which is considered the first out of all Qatari banks to be listed on the London Stock Exchange. We are confident that London plays a key role in the Global Sukuk Market, and an important centre for Islamic banking instruments. We are proud that confidence in the Qatari economy has reached record levels among various categories of investors around the world”.
The banks that have arranged the issuance are; Standard Chartered Bank, Al Rayan Investment LLC (Masraf Al Rayan Group), Dukhan Bank, Emirates NBD Capital, KFH Capital and QNB Capital LLC.
