QIB MIGHT GO THE SUKUK WAY

Qatar Today - - BUSINESS > BANK NOTES -

Qatar Is­lamic Bank (QIB) could use fu­ture sukuk is­sues to back a po­ten­tial ac­qui­si­tion, the bank's Chair­man Sheikh Jas­sim bin Ha­mad bin Jas­sim bin Jaber Al Thani told Reuters.

Qatar's largest sharia-com­pli­ant lender won ap­proval at its an­nual gen­eral meet­ing to dou­ble its sukuk pro­gramme to $3 bil­lion (QR10.93 bil­lion), as well as re­tain the man­date to is­sue QR3 bil­lion ($824 mil­lion) to en­hance core cap­i­tal. QIB was fine with its cap­i­tal re­serves at present, its chair­man said as the bank had a to­tal cap­i­tal ad­e­quacy ra­tio – a key in­di­ca­tor of a lender's health – of 14.1% at the end of De­cem­ber, above a min­i­mum re­quire­ment of 12.5%. “We want to have it ap­proved so at a later stage when we need it, prob­a­bly for an ac­qui­si­tion, it is avail­able and can be used,” he said.

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