DOHA Dec 7 Qatar Islamic Bank (QIB)
does not have any immediate plans to issue more sukuk to
strengthen its capital position and improve liguidity following
recent deals, its chief financial officer said on Wednesday.
Banks in the Gulf have been active bond and sukuk issuers
this year as they seek to replenish funds which had been placed
on deposit with them by Gulf governments who are now withdrawing
the cash to plug budget shortfalls caused by lower oil prices.
Qatar's largest sharia-compliant lender by assets sold $368
million of sukuk in a private placing with investors in
September, Gourang Hemani told Reuters on the sidelines of a
financial conference in Doha.
This was the same month that QIB announced it had sold a 2
billion-riyal ($549 million) Additional Tier 1 perpetual sukuk,
which strengthened the bank's core capital position and would
support its business growth.
But further sukuk issues are not imminent, Hemani said. "We
keep assessing our requirements and the market situation. We
will go to market as and when needed," he said.
In February this year, QIB raised to $3 billion the limit of
an existing $1.5 billion sukuk programme.
The $368 million deal is the only one currently outstanding
under the programme, Hemani added.
($1 = 3.6407 Qatar riyals)
(Reporting by Davide Barbuscia; Editing by David French, Greg