Doha – Mubasher: Qatar International Islamic Bank (QIIB) will issue Tier 1 sukuk worth QAR 1 billion ($274 million) in the upcoming period, the bank’s CEO, Abdulbasit AL Shaibei, said on Thursday.
AL Shaibei said that the issuing is aiming at boosting the bank’s Tier 1 capital, according to CNBC Arabia.
“The bank’s profits were negatively affected by the value of allowances which neared QAR 260 million ($71.41 million) last year, as well as the rise in overheads due to geographical expansions,” he added.
AL Shaibei clarified that the QIIB prefers funding provided by the Qatari government since it has lower risks, and the bank’s has strong liquidity and its capital adequacy amounts to 17%.
The Qatar listed bank’s stock rose 0.7% in today’s mid trading, reaching QAR 71.5 ($19.64) as 56,700 shares were traded at QAR 4.05 million ($1.11 million).
