D. Khalid bin Thani: Renewed evidence of the confidence enjoyed by the Qatari economy
D. Al-Shaibi: A testament to our long-term vision and strategic growth
The London Stock Exchange listed QIIB capital sukuks worth US$300 million, and a listing bell-ringing ceremony was held in the presence of Dr. Abdul Baset Ahmed Al Shaibi, CEO, and Mr. Abdullah Al Ghanim, Commercial Attaché at the Embassy of the State of Qatar in the United Kingdom.
The ceremony was attended by a number of officials from the London Stock Exchange, as well as Sheikh Mohammed bin Ali Al Thani, Head of the Treasury and Investment Sector, Mr. Hossam Khattab, Head of the Financial Sector, and Mr. Mahmoud Al-Ahmad, Director of Treasury and Investment at QIIB.
Last Tuesday, QIIB announced its success in issuing capital sukuks worth 300 million US dollars, within the first tranche of capital, within the framework of strengthening the bank’s capital base and taking advantage of the opportunities available in the international sukuk market.
The sukuk witnessed a large demand from investors, with subscription requests reaching more than eight times the issuance. Subscription came from a large number of investors from all over the world, with applications exceeding more than 2.5 billion US dollars. The issuance was priced at a profit margin of 187 basis points above the average price. The US Treasury for five and a half years, which is considered the least for such issuances by banks locally and regionally, with a final return of 5.45% annually.
His Excellency Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman of the Board of Directors of QIIB, said on the occasion of the listing of QIIB’s Sukuk on the London Stock Exchange, saying: “We are happy to have a new listing on the London Stock Exchange, in the wake of the great success witnessed by our issuance of Sukuk.” With a value of 300 million US dollars, this is renewed evidence of the prestigious rank that the Qatari economy has reached, and the exceptional confidence it enjoys from investors in various countries of the world, and this confidence gives us an open horizon to enhance our activities and strengthen our financial position locally and internationally.”
His Excellency pointed out: “Listing QIIB Sukuks on the London Stock Exchange is one of the bank’s methods for engaging effectively with the active global investment environment. It also increases the ties that we have established with the London Stock Exchange, which has a prestigious international status. We do not forget that London is an advanced global financial center, and it is An important global center for Islamic banking.
He added: “With every sukuk issuance carried out by QIIB, we see the steady growth of confidence in the bank at the international level, and the great demand witnessed by our sukuk issuances is constantly increasing. We have succeeded in establishing effective working and communication relationships with investors from all over the world, and we will continue our efforts to achieve The best possible performance for QIIB.”
His Excellency Sheikh Dr. Khalid bin Thani confirmed: “Over the past period, QIIB has achieved qualitative leaps in relation to various indicators, and the bank’s high credit ratings have confirmed this. The bank has also improved its operational performance remarkably, benefiting from technological progress and its implementation of a successful digital transformation plan that has improved operational efficiency.” Significantly, we will continue to work to enhance these trends in line with the best internationally approved standards.”
For his part, Dr. Al-Shaibi said in his speech at the ceremony of ringing the bell for listing the QIIB Sukuk: “We are pleased to celebrate today another important achievement in our journey towards growth and innovation, and we are listing our first tranche Sukuk worth US$300 million on the London Stock Exchange. This moment is important.” Especially because it represents the fourth time that we have listed Sukuks on this prestigious stock exchange, and the second time this year alone, as we listed Estidama Sukuks last January worth 500 million US dollars.”
He added: “I would like to emphasize our previous issuance of sustainability sukuks because it represents a mark of pride for QIIB, as it was the first sustainable sukuk by a financial institution from the State of Qatar, which is a major achievement that confirmed our commitment to sustainability and ethical financing.”
The CEO of QIIB continued, saying: “Our return again to the London Stock Exchange to list sukuks worth $300 million is another testimony to our long-term vision and strategic growth, and it is also a testimony to the strong relationship that we have established over the years with the London Stock Exchange, as well as the unwavering support.” Which we received from our partners.
He reminded: “The sukuk that QIIB issued within the first tranche of capital witnessed a large demand from investors, which made us feel the importance that we are moving forward in the right path, as subscription requests amounted to more than eight times the issuance, and we are also happy that the issuance was priced.” According to a price considered the lowest for such issues by banks locally and regionally, with a final return of 5.45% annually.
Finally, Dr. Al Shaibi expressed his thanks to the partner banks and advisors who provided support throughout the process of issuing these sukuks, namely Standard Chartered Bank as the sole global coordinator, along with Al Rayan Investment Company LLC, Citibank, Doha Bank, Dubai Islamic Bank, and Dukhan Bank. Emirates NBD Capital, HSBC, Lisha Bank, Mashreq, QNB Capital, and Warba Bank as joint lead managers.