$300mn QIIB sukuk’s ‘favourable’ pricing reinforces Qatar’s global appeal, economic strength: Al-Shaibei
QIIB CEO Dr Abdulbasit Ahmad al-Shaibei.
“Qatar’s strong and attractive economy plays a pivotal role in supporting the country’s institutions, especially the banks. The significant demand for our sukuk reflects the financial strength and credit worthiness of QIIB, which is backed by the assets quality, strong liquidity, robust capitalisation, and high efficiency in the banking sector,” Dr al-Shaibei said in an interview with Gulf Times.
“We are proud to celebrate another significant milestone in our journey towards growth and innovation as we list our $300mn Tier 1 sukuk on the 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 $500mn sustainability sukuk in January this year.”
The CEO explained: “Issuing the sukuk within the Tier 1 capital framework is a strategic move to bolster QIIB’s financial strength and meets our growth ambitions. This also enhances our presence in international markets and strengthens relationships with global investors and financial institutions.”
“Earlier this year, QIIB issued a $500mn sustainable sukuk, listed on the LSE. As Qatar’s first institution to issue sustainable sukuk, we received a phenomenal response from investors across the globe. The $500mn sustainability sukuk represents a source of immense pride for QIIB, 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 $300mn 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.”
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.
