QIIB Lists $300M Tier 1 Capital Sukuk On London Stock Exchange

(MENAFN- The Peninsula) The Peninsula

Doha: Qatar International Islamic bank (QIIB) successfully listed its $300m Tier 1 capital sukuk on London stock exchange (LSE) during a bell-ringing ceremony attended by Dr. Abdulbasit Ahmad Al Shaibei, CEO, QIIB and Abdulla Al Ghanim, Commercial Attaché of The State of Qatar in the UK among other dignitaries.

QIIB CEO, Dr. Abdulbasit Ahmad Al Shaibei with other dignitaries during the ceremony.

The ceremony was also attended by distinguished officials from the LSE, alongside Sheikh Mohammed bin Ali Al Thani, chief of the Treasury and Investment Sector; Hossam Khattab, chief of the Financial Sector; and Mahmoud Al Ahmad, Head of Treasury and Investment at QIIB.

Last Tuesday, QIIB successfully issued a $300m sukuk as part of its first tranche of capital, designed to strengthen the bank's capital base while seizing opportunities in the international sukuk market.

The issuance garnered significant demand, with subscription requests surpassing $2.5bn-more than eight times the offering-attracting a broad array of global investors. Competitively priced at 187 basis points over the US Treasury average for a 5.5-year term, the sukuk achieved a final annual yield of 5.45% marking one of the most tightest pricing for similar issuances, regionally and globally.

Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman of the Board of Directors of QIIB remarked,“We are pleased to be listed on London Stock Exchange following the successful issuance of our $300m perpetual sukuk. This milestone reflects the prestigious standing of the Qatari economy and the high confidence it enjoys from investors worldwide. This trust enables us to further enhance our activities and fortify our financial position both locally and internationally.”

He continued,“Listing QIIB's sukuk on London Stock Exchange reinforces the bank's commitment to engaging with global investment markets and deepens the longstanding ties we have cultivated with this prestigious international exchange. London remains a leading global financial hub and an important centre for Islamic finance.”

The Chairman further highlighted,“With each sukuk issuance, we witness increasing confidence in QIIB on the global stage, as demonstrated by the substantial demand for our offerings. We have successfully built strong relationships with investors across the globe and remain committed to achieving the best possible performance for QIIB.

“Our achievements are further reflected in our qualitative leaps across various performance indicators, as well as our high credit ratings, which underscore the bank's operational strength and resilience,” Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman of the Board of Directors added.

In his remarks, Dr. Abdulbasit Ahmad Al Shaibei, CEO, QIIB, noted,“We are proud to celebrate another significant milestone in our journey towards growth and innovation as we list our $300m Tier 1 sukuk on London Stock Exchange. This is particularly notable as it marks the fourth time QIIB has listed a sukuk on this esteemed exchange and the second time in 2024, following the successful issuance of our $500m Sustainability Sukuk in January this year.”

Dr Al Shaibei emphasised,“Our Sustainability Sukuk represents a source of immense pride for QIIB, as it was the first of that type issued by a Qatari financial institution, highlighting our commitment to sustainability and ethical financing.”

Acknowledging the strong demand for QIIB's sukuk, Dr Al Shaibei stated,“The overwhelming interest in our $300m issuance, with subscriptions exceeding eight times the offering, reaffirms our strategic direction and reinforces our confidence in pursuing further growth.

“We are also pleased that the pricing of this issuance ranks among the most competitive for similar offerings both regionally and locally, with a final return of 5.45% per year.”

Finally, Dr Al Shaibei expressed his gratitude to the partner banks and advisors who played a pivotal role in the successful issuance, including Standard Chartered Bank as sole global coordinator, along with Al Rayan Investment, Citibank, Doha Bank, Dubai Islamic Bank, Dukhan Bank, Emirates NBD Capital, HSBC, Bank Lesha, Mashreq, QNB Capital, and Warba Bank as joint lead managers.

MENAFN28092024000063011010ID1108725907