DUBAI Jan 11 Qatar's Masraf Al Rayan,
an Islamic lender, has mandated banks for a sukuk of around $500
million, banking sources said on Wednesday.
This would be one of a likely series of debt issues in the
first quarter by Gulf banks seeking U.S. dollar funding to
improve their liquidity, which has been hurt by low oil prices.
Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD,
and Noor Bank are among lenders mandated to arrange the planned
sukuk sale, one of the sources said. Masraf Al Rayan did not
respond to an emailed request for comment.
However, the deal could be delayed by legal and regulatory
aspects of merger talks between Masraf Al Rayan and two other
Qatari institutions, Barwa Bank IPO-BABK.QA and International
Bank of Qatar, another source told Reuters.
The merger talks, revealed in mid-December, would create
Qatar's second-largest bank with total assets worth more than
160 billion riyals ($44 billion).
The proposed merger depends on securing approvals from the
banks' shareholders, regulators and authorities, including the
(Editing by Andrew Torchia and Alexander Smith)