Qtel signs $500m Islamic financing deal with QIB

November 21, 2012 - 7:20:47 am

Dr Nasser Marafih (right), CEO of Qtel Group, and  Ahmad Meshari, Acting CEO of QIB, during the signing ceremony.

DOHA: Qatar Telecom (Qtel) has signed its debut Islamic financing facility worth $500m with QIB, the leading Islamic bank in Qatar. 

QIB assumed the role of Sole Mandated Lead Arranger and Investment Agent for the deal. The financing is an 18 month Shariah-compliant “Revolving Murabaha”.

Dr Nasser Marafih, Chief Executive Officer of the Qtel Group commented: “We are delighted to be part of the developing Islamic financing market in Qatar. QIB has done a great job in offering Qtel attractive terms, and this deal further strengthens the relationship between Qtel and QIB.”

Ahmad Meshari, Acting Chief Executive Officer of QIB, said: “This deal is the first financing arrangement to be entered into with Qtel, opening doors for further avenues of collaboration between the two organisations. The transaction is another demonstration of the maturity of the Islamic finance industry in general, and QIB in particular, in the provision of credible financial solutions that meet the increasingly complex needs of large corporations such as Qtel.”

“This financing deal confirms the leading role the Bank plays in supporting large companies operating in Qatar and we are keen to continue to play a pivotal  role which sees us making a positive contribution to the ongoing development of this country,” added Meshari.

The Peninsula