Business | Banking
Barwa enters financing deal with Qatar Islamic Bank
Qatar Islamic Bank (QIB) and real estate company Barwa announced today a Murabaha Sharia-compliant financing deal worth 1.1 billion Qatari riyals.
- Staff Report
- Published: 16:12 August 6, 2008
Dubai: Qatar Islamic Bank (QIB) and real estate company Barwa announced today a Murabaha Sharia'-compliant financing deal worth 1.1 billion Qatari riyals.
QIB's finance portfolio has increased to 15.3 billion Qatari riyals in the first half of this year, up 59.4 per cent from 9.6 billion Qatari riyals last year. Over 85.5 per cent of this portfolio was recruited in the Qatari market.
Tamer Mohamed Khedr, group chief financial officer of Barwa, said the financial agreement is part of a structural plan to maintain and manage Barwa's liquidity.
“It is also in line with Barwa's strategic risk management plan to combat disturbances in the global market,'' Khedr added.
More from Banking
More from Business
Business Editor's choice
-
Saudi-Bahraini economic ties hit new high
Whilst press reports continue speculating on a possible new political structure defining ties between Saudi Arabia and Bahrain, facts on the ground confirm ever- stronger economic ties between the two neighbours
-
Cupid targets the Fed with early tweets
Declarations range from pure romance to cute overtures and racier fare
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
