Qatar’s Nakilat signs $380m Islamic loan

Dubai: Qatar Gas Transport Co (Nakilat), the world’s largest shipper of liquefied natural gas (LNG), signed a $380 million murabaha-structured Islamic loan, a statement from one of the banks providing the finance said on Sunday.

Qatar Islamic Bank provided $180 million of the facility, the bank said in a bourse filing. Qatar International Islamic Bank provided the remainder of the cash.

No other details of the deal were provided.

A murabaha is a sharia-compliant cost-plus-profit arrangement.

Last month, Nakilat reported a 5.9-per cent jump in second-quarter profit partly due to better cost control.

Shares in Nakilat closed up 0.6 per cent on Sunday, trimming year-to-date losses to 10.5 per cent. Qatar’s main index has lost 4.1 per cent in 2012.