Qatari bourse eyes 7,000 points level

08 July 2010

The Doha-located Qatar Exchange (QE) continued its step-by-step tactics and climbed 0.42% higher at 6,910/18 points. Real estate leader United Development Company (UDC) surged 2.14%, finishing at QR24.20. Barwa Real Estate Company (unchanged at QR29.20) announced that Barwa City Real Estate Company, a 100% owned subsidiary shall enter, subject to the fulfillment of certain conditions, into a Murabaha financing, with Qatari Diar Finance a 100% owned subsidiary of Qatari Diar Real Estate Investment Company Barwa City shall, in turn, enter into Sharia compliant financing arrangements with Barwa Financial District WLL and Barwa Commercial Avenue Company WLL. Under a Murabaha financing a bank or financier buys a good and resells it to the customer on a higher price which the client then pays back on equal installments during a predefined period in order to avoid the under Sharia forbidden payment of interest.

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