Islamic bank completes $1.1bn loan for Qatari Diar

15 October 2009

Real estate firm to make investments in Europe

Qatar Islamic Bank (QIB) has completed a QR4bn ($1.1bn) syndicated loan for real estate company Qatari Diar, after the loan was increased in size from QR3.5bn.

The deal is the largest loan to be completed in the Qatari market in 2009. The funds will be used to finance investments in Europe, according to Qatari Diar. QIB was appointed lead manager on the loan in September.

QIB also announced that third-quarter profits fell by 53 per cent to QR187.35m from the same time in 2008. According to the bank, total assets increased by 18.6 per cent to QR35.7bn. The company did not disclose net income figures. However, incoming figures from financing activities, the Islamic banking equivalent of interest income, rose to QR1.3bn from QR903m.

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