QIB Sukuk gets stable outlook
Doha, September 25, 2010
Fitch Ratings has assigned an expected long-term rating of 'A' with a stable outlook to Qatar Islamic Bank (QIB) Sukuk Funding Limited's senior unsecured trust certificates, due in 2015.
QIB Sukuk Funding Limited is a special purpose vehicle established to act as the issuer and trustee for the certificate holders. The final rating is contingent on receipt of final documentation conforming to information already received, said a statement from Fitch.
The rating of the issue is driven solely by Qatar Islamic Bank's (QIB, rated 'A'/Stable) rating in view of the purchase undertaking which requires QIB to repurchase the Sukuk assets on the scheduled, or any earlier, dissolution dates, the rating agency said.
Established in 1982, QIB is Qatar's oldest and largest Islamic bank. QIB is a full-service commercial bank and is 9.1 per cent owned by the Qatar Investment Authority.-TradeArabia News Service