The Shariah-compliant bank hired HSBC Holdings Plc (HSBA), Standard Chartered Plc, QInvest LLC and Deutsche Bank AG to manage the issuance of at least $500 million of debt, the lender said at a shareholders' meeting in Doha today. The securities, which are known as sukuk and comply with Islam's ban on interest, may have maturities of as much as seven years, Ahmad Meshari, the bank's acting chief executive officer said today.
The proceeds from the sale will be used for local projects, the bank said today, after the board approved a $1.5 billion- sukuk program. The Doha-based lender last raised $750 million from the sale of five-year Islamic bonds in September 2010, according to data compiled by Bloomberg.
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