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Qatar's QIIB seeks approval for up to 3 bln riyal Tier 1 sukuk issue
February 9, 2015 / 6:12 AM / 3 years ago

Qatar's QIIB seeks approval for up to 3 bln riyal Tier 1 sukuk issue

DUBAI, Feb 9 (Reuters) - Qatar International Islamic Bank (QIIB) is seeking shareholder approval to raise up to 3 billion riyals ($825 million) through a capital-boosting sukuk issue, becoming the latest Gulf bank to look to debt markets to replenish reserves after a period of strong lending growth.

The bank announced the plan on Monday after reporting full-year net profit of 826 million riyals, up 10.1 percent.

The Tier 1 sukuk would be used to support the bank’s capital requirements for future growth and expansion, it said in a statement to the bourse.

QIIB’s total capital adequacy ratio, a combination of Tier 1 and Tier 2 capital, stood at 16.27 percent at the end of 2014 against a 12.5 percent minimum prescribed by Qatar’s central bank. (Reporting by Archana Narayanan; Editing by Andrew Torchia)

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