QIIB lists Sustainable Sukuk worth $500 million on the London Stock Exchange


    Dr. Al-Shaibei: The exceptional success achieved by the Sustainable Sukuk issued by QIIB is due to confidence in the Qatari economy and the bank’s solid financial position


QIIB announced the listing of its Sustainable Sukuk worth US.$500 million on the London Stock Exchange “LSE”. This is the third time the bank has listed its sukuk on the London Stock Exchange.

The Sustainable Sukuk that QIIB succeeded in issuing this week received overwhelming response from investors from various countries, including more than 120 investors from the GCC, the Middle East, Europe, Asia and America. Significantly, more than 55% of the investors were from outside the GCC and Middle East region.

The order book was exceeded of $4 billion, which means the issue was oversubscribed more than eight times.

The issue was priced at a spread of 120 basis points above the five-year US Treasury Rate with a final yield of 5.247% annually.

A bell ringing ceremony on the occasion of listing QIIB’s Sustainable Sukuk on the London Stock Exchange was organised in the presence of His Excellency Sheikh Dr. Khalid bin Thani al-Thani, Vice Chairman of the Qatari Businessmen Association, His Excellency Lord Dominic Johnson, Minister of State for Investment and Regulatory Reform, the United Kingdom, His Excellency Jassim Moftah Al-Moftah , Deputy Head of Mission, Qatar Embassy in the UK, Mr. Abdulla Ghain Al-Ghanim , Commercial Attaché  at the Qatar Embassy in the UK and Dr. Abdulbasit Ahmad Al-Shaibei, CEO, QIIB,

The ceremony was also attended bythe QIIB’s seniors executives , Sheikh Mohammed bin Ali Al Thani, Chief  of  Treasury and Investment, Mr. Hossam Khattab, Chief financial officer, and Mr. Mahmoud Ahmed Al-Ahmad, Head of Treasury and Investment.

On the occasion of the listing, Dr. Al-Shaibei said, “We are happy to be on the London Stock Exchange again today after the exceptional success achieved by the Sustainable Sukuk issued by QIIB for the first time out of  Qatar. This success is due to the great confidence in the Qatari economy and the solid financial position of QIIB. This is the third time we have listed international sukuks on the London Stock Exchange. This time Sustainable sukuk worth $500 million is being listed.”

He noted, “Our success in issuing Sustainability Sukuk and its listing on the London Stock Exchange today is part of our support and interest in implementing the contents of the  Third Financial Sector Strategy, recently launched  by Qatar Central Bank, which pays special attention to environmental, social and institutional governance and sustainability.”

“QIIB has a long history in the field of sukuks and was the first Qatari bank to issue an “AT1” sukuk and list it on the London Stock Exchange. We are proud to follow our success story in this field, as our current issuance of Sukuk amounts to $500 million. We are now celebrating its listing on the London Stock Exchange, which was successful by all standards.”

Dr. Al-Shaibei stressed: “The success achieved by the bank is due to many factors, foremost of which is the great confidence and strong position of the Qatari economy, which continues to achieve distinguished results in its various sectors. These enhance the appetite and interest of international investors to invest in Qatari financial instruments in particular, and Qatari economy in general.”

He continued: “The incredible success of our issuance of sukuks, and the tremendous demand they received from investors after they were priced at distinguished rates, is also based on the solid position and trust that QIIB enjoys regionally and internationally. This is also based on the high credit ratings that QIIB enjoys, with  “A2” rating from Moody’s and “A-” rating from Fitch.

The CEO of QIIB noted: “We chose  London Stock Exchange to list the bank’s sukuk is due to many factors including the high-level professional working relationship that has been established with   “LSE”, and the pivotal economic role that London plays, especially in Islamic Finance.”