Qtel and QIB Sign $500 Million Islamic Finance Deal

Doha , November 20 (QNA) - Qatar Telecom (Qtel) and Qatar Islamic Bank (QIB), the leading Qatar Islamic Bank (QIB) , signed Tuesday a $500 million Islamic finance deal. It is the first Islamic finance deal signed by Qtel Qtel released today a statement to the press announcing that QIB assumed the role of Sole Mandated Lead Arranger and Investment Agent for the deal. The financing is an 18 month Sharia-compliant "Revolving Murabaha". Chief Executive Officer of the Qtel Group Nasser Marafih said that Qtel was "delighted to be part of the developing of Islamic financing market in Qatar." He praised the efforts made by QIB in that regard saying that the bank "has done a great job" and said that the deal "further strengthens the relationship between Qtel and QIB." For his part, Acting Chief Executive Officer of QIB Ahmad Meshari expressed his hope that the deal will be "opening doors for further avenues of collaboration between the two organizations." He added that the deal reflected "the maturity of the Islamic finance industry in general, and QIB in particular, in the provision of credible financial solutions that meet the increasingly complex needs of large corporations." (QNA)