Qatar Islamic Bank seeks nod to raise sukuk programme to $3b

Dubai: Qatar Islamic Bank (QIB), the Gulf state’s largest Sharia-compliant lender by assets, said on Monday it was seeking shareholder approval to raise the maximum size of its sukuk programme to $3 billion (Dh11.01 billion) from the existing $1.5 billion.

The bank was also seeking an extension of approval for the remaining 3 billion riyal ($824 million) portion of a 5 billion riyal Tier 1 capital perpetual sukuk programme originally approved in February last year.