DOHA: Qatar Islamic Bank (QIB) announced that it has raised QR2bn (nearly $550m) in Basel III compliant Additional Tier 1 Perpetual Sukuk to enhance the Bank’s capital adequacy ratios and to support future business growth.
“The transaction was completed on June 30, 2015,” said a QIB statement posted today on Qatar Stock Exchange website.
QIB was founded in 1982, becoming the country’s first Islamic financial institution and Sharia’-compliant bank. Its products and operations are supervised by a Sharia’ board, which ensures the Bank adheres to Islamic finance principles, reports QNA.
