Published: November 25, 2012
Qatari telco secures US$500mn from Qatar Islamic Bank.
Qatar Telecom (Qtel) has secured a US$500mn funding line from Qatar Islamic Bank (QIB) – the company's first Islamic finance deal.
QIB acted as sole mandated lead arranger and investment agent for the deal, an 18-month revolving Murabaha line, a particular type of Islamic funding.
Announcing the deal, Qtel CEO Dr. Nasser Marafih said the company's management team is "delighted to be part of the developing Islamic financing market in Qatar”. Ahmad Meshari, acting CEO of QIB, added that the deal is "another demonstration of the maturity of the Islamic finance industry".