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QIIB eyes benchmark Islamic bond

Doha, September 29, 2011

Qatar International Islamic Bank (QIIB) is planning to issue a benchmark-sized Islamic bond and has hired banks to arrange the sale, its chief financial officer told Reuters on Thursday.

The Islamic lender appointed QNB Capital, the investment banking arm of Qatar National Bank , Standard Chartered  and HSBC to issue a benchmark sukuk, or Islamic bond, CFO Edward Wong said.

"It will be a benchmark offering, but I can't confirm the size or timetable," Wong told Reuters.

Benchmark-sized offerings are understood to be at least $500 million in size. The sukuk is believed to be US dollar-denominated and could be issued by the end of this year or in early 2012.

In March QIIB bought full control of the Islamic Bank of Britain (IBB) as part of a plan to develop an international banking business compliant with sharia laws. -Reuters




Tags: Qatar | bond | QIIB |

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