QATAR: Islamic finance is continuing to gather rapid pace in the kingdom, six months after the official closure of the Islamic windows of conventional banks.
Barwa Bank, one of just four Islamic banks remaining in Qatar, said it plans to issue a Sukuk by next year and is targeting to list its shares over the longer term. Its expansion plans follow the acquisition of the conventional International Bank of Qatar (IBQ)’s Islamic retail banking business, in line with the Qatar Central Bank’s ban on Islamic services by non-Shariah compliant banks.
Barwa, which is in discussions with potential issuers to manage debt sales, projects more dual-tranche, Shariah compliant issuances across the Middle East, Steve Troop, its CEO, is quoted as saying.
The bank is also positioning itself as a niche player in the market for private banking; and sees “real opportunities” in terms of Islamic wealth management, he said.
Meanwhile, Bawabat Al-Shamal Real Estate Company just signed a QAR3.7 billion (US$1.02 billion) Islamic and conventional financing facility to develop Doha Festival City, in a sign that the Islamic finance industry is gaining further traction in the kingdom.
According to law firm Clifford Chance, which advised Barwa and other financiers comprising Ahli Bank, Al Khalij Commercial Bank, Commercial Bank of Qatar, Doha Bank, IBQ, Qatar Islamic Bank and Qatar National Bank, the transaction is the largest private sector financing in Qatar.
Bawabat is owned by Al Futtaim Real Estate Services, QIB, Aqar Real Estate Company and a private Qatari Investor.
QInvest acted as financial advisor on the deal.
See: http://redmoney.newsweaver.co.uk/17c3k89mpj7h38rwoni3wx?email=true&a=6&p=25382235&t=21545445
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