'Salam Bounian' issues its first Sukuk jointly with QIB, QNB and CBQ

QIB, will be the investment agent in this transaction which comprises, as Mandated Lead Partners, QNB / QNB Islami, CBQ (Al Safa), and QIB.

This Sukuk issuing will be the first for Salam Bounian and the second corporate sukuk issuing of its kind in Qatar.

QIB CEO Mr. Salah Al Jaidah stated on this occasion that the Sukuk issuing shall enhance the bank's financing operations. He considered Sukuk as one of the modern Islamic financing tools that fulfill mega projects financing needs.

Mr. Al Jaidah confirmed that QIB enters this operation fully confident of its success. He also expects it will realize the targets of financing a mega project and be an added-value to such projects currently booming nationally. Furthermore, he expressed his appraisal for the trust Salam Bounian is putting on QNB (QNB Islami), CBQ (Al Safa) and QIB for arranging this investment operation. He considers the cooperation between those three national banks a positive initiative in the field of joint Islamic financing through Sukuk.

Mr. Salah Al Jaidah stated that the investment strategy the bank is adopting gives special attention to Sukuk as a tool for the management of liquidity in Islamic banks. He mentioned in this respect that QIB has established a department specialized in the management and marketing of Sukuk, and it shall play an important role in the bank's financing transactions in the future.

Mr. Salah Al Jaidah finally highlighted the crucial role the bank's Shari'a Control Board is playing in developing and giving solid Islamic backgrounds to the various financing tools, and ensuring the adaptation of the bank's transactions to Islamic standards. He further emphasized the historical role the Shari'a Control Board has been playing since its inception in 1982. "In fact, with its eminent scholars working under the chairmanship of His Eminency Dr. Youssof Al Qaradawi, QIB' Shari'a Control Board has become a reference for the other banks in Islamic financial transactions and is extending undeniable services in the realization of our vocation and goals," he said in conclusion.