LSE lists QIIB’s $300 mn sukuk
Qatar’s economy proves its worthiness at all levels: Sheikh Khalid bin Thani Our sukuk issuance was successful by all standards: Shaibei
The high demand for QIIB sukuk highlights the success of Qatar and its institutions in overcoming the challenges of the siege and attempts to impact its economy, which is appreciated by most experts and economists
QIIB Chairman and Managing Director Sheikh Khalid bin Thani Abdullah al Thani
LONDON Stock Exchange (LSE) has listed Qatar International Islamic Bank (QIIB)’s 300 million sukuk that the bank successfully issued last week as Additional Tier 1 perpetual capital instrument, the bank announced in a statement on Saturday.
The bell ringing ceremony was attended by QIIB Chairman and Managing Director Sheikh Khalid bin Thani Abdullah al Thani, QIIB CEO Abdulbasit Ahmad al Shaibei, and HE Ajay Sharma, Ambassador of the United Kingdom to Qatar.
Hossam Khattab, QIIB Chief Financial Officer; Mohamed Barhouma, QIIB COO; Omar Al Meer, QIIB Chief of Business Development and Mohamed Sheikha, QIIB Treasury and Investment Manager were present at the ceremony.
On Wednesday (November 13), QIIB successfully issued sukuk worth 300 million. This issuance witnessed strong appetite from investors and was oversubscribed about nine times, with a book order that exceeding 2.6 billion.
The issue was priced at fixed rate of 4. 75 percent p.a, and was the lowest pricing ever of this AT1 from the GCC.
Sheikh Khalid, “We are delighted to be here for the second time in less than a year to list the bank’s sukuk. The success we achieved last time and are achieving now is due to the Qatari economy’s prominent position and the global confidence therein”.
He said, “In fact, this trust didn’t emanate from void, as the Qatari economy achieved outstanding results in various sectors, thus attracting investors from different countries. As a bank, we feel responsible to keep up with the country’s economic momentum and therefore, our presence today falls within this framework”.
Sheikh Khalid noted, “The high demand for QIIB sukuk goes beyond the classical economic meaning - despite the importance of this aspect - because it highlights the success of the State of Qatar and its institutions in overcoming the challenges of the siege and attempts to impact its economy, which is appreciated by most experts and economists”.
He pointed out that QIIB will remain in the investment scene and will enhance the trust it reaped during its presence for more than quarter of a century in the Islamic banking market, expressing his confidence that QIIB’s position will remain strong locally and internationally, thanks to the great efforts exerted and the strong support provided by the Qatari economy.
Shaibei said, “The listing of our new sukuk on the London Stock Exchange is a great success for us on top of many other successes that will undoubtedly help us strengthen our financial position and improve our growth figures”.
He said, “In addition to the high demand for QIIB sukuk by as many as 122 institutions from some 22 countries, where the order book was oversubscribed more than nine times, the competitive pricing that we secured is highly significant and primarily due to the strength of the Qatari economy and our high credit rating”.
Shaibei affirmed, “QIIB’s decision to list its sukuk on London Stock Exchange was based on the fact that London will continue to play its prestigious global role, regardless of the Brexit outcome, and that London is considered one of the most important international markets for Islamic banking instruments”.
He said, “The sukuk issued by the bank are important capital tools for us as they balance between their flexibility and our desire to be present in the international Islamic Financial Markets in line with our strategic plans that focus on strengthening the bank’s financial position and forging more partnerships at the regional and international levels”.
QIIB CEO thanked the banks that arranged the issuance, namely QNB Capital, Barwa Bank, Kuwait International Bank, QInvest, Al Khalij Commercial Bank and Standard Chartered Bank, which he said, made great efforts to guarantee the success of our new issuance.