GIB completes $163m Almana sukuk sale
Manama, May 19, 2008
Bahrain-based Gulf International Bank (GIB) has solely managed the sale of Dh600 million ($163 million) of sukuk for Almana Group.
Almana Group, a Qatar-based trading, automotive and contracting company, has a BBB+ rating with a stable outlook from Capital Intelligence (CI).
The proceeds of the sukuk will go towards financing the group's expansion plans.
The Sharia-compliant sukuk were structured by GIB's capital markets team in line with the current guidelines of the Accounting and Auditing Organisation for Islamic Financial Institutions.
GIB has also helped in obtaining a rating from CI for the Almana Group, which is one of the first companies in Qatar to seek such a rating.
It was also the first time for a Qatari company to raise a financing in UAE dirhams, paving the way for corporations in the region to tap on regional, cross border opportunities and liquidity to finance their projects and expansion programmes.
The sukuk is set to mature in 2013 and pays a profit distribution of 2.5 percentage points over the three-month UAE interbank offer rate and will be listed on the Dubai International Financial Exchange.
'We are pleased to help Almana Group fulfill its financial needs through the issue and sale of Islamic bonds,' said GIB chief executive officer Dr Khaled Al Fayez.
'GIB has always been at the forefront of providing tailored financial solutions to clients as part of its efforts to support economic development in the region.'-TradeArabia News Service