Qatar Islamic Bank plans $1.5 bln sukuk programme

DUBAI Wed Aug 29, 2012 4:47pm IST

DUBAI Aug 29 (Reuters) - Qatar Islamic Bank (QIB) is planning a sukuk issuance programme of up to $1.5 billion, a company statement said on Wednesday. The bank will seek shareholder approval of the plan in a meeting on Sept. 16.

"A consent from the quorum at the General Assembly will allow QIB to further process necessary approvals from the relevant authorities in Qatar with regards to potential Sukuk issuances under the Programme in the future," the emailed statement said.

The lender last tapped global debt markets with a $750 million sukuk in 2010, which carried a profit rate of 3.856 percent; the sukuk was yielding about 2.35 percent on Wednesday, according to Thomson Reuters data. (Reporting by Rachna Uppal; Editing by Andrew Torchia)