QIIB Announces Issuance of QR1 Billion Sukuk

Doha, August 02 (QNA) - QIIB announced Tuesday the issuance of a QR1bn sukuk within the first tranche of the bank's capital boost through a local issue. This is the first issue by the bank within the capital boosting tools compatible with Basel 3, which supports QIIB's interim and strategic plans, QIIB press release said. Issuing QR1bn worth of instruments support the banks equity and meet Basel 3 requirements and enhances its plans for expansion, which QIIB announced previously or are currently under study, within the regulatory and supervisory controls. With the new issue, based on the QIIBs balance sheet as at 30 June 2016, the Bank's capital adequacy will increase to about 20%, well above the Qatar Central Bank requirements in this regard. This reflects the strength and stability of QIIB's financial position as well as liquidity. The minimum limit set by Qatar Central Bank is at 12.5%. QIIB enjoys a prominent financial position and the international credit rating agency Moody's has affirmed the Bank's rating this year at A2 with a stable outlook. Fitch Ratings has affirmed the Bank's rating at A+ with a stable outlook and Capital Intelligence affirmed the Bank's financial strength rating at A- with a positive outlook.(QNA)