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Qatar sells $13.7bn in bonds to local banks

1/18/2011

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Qatar sold QR50bn ($13.7bn) of bonds to local banks as the country seeks to absorb excess cash with lenders.

The bonds, both Islamic and non-Shariah compliant, mature in three years, Central Bank Governor HE Sheikh Abdullah bin Saud al-Thani said in a phone interview yesterday. The conventional bond pays 5% interest.

The country sold QR33bn in sukuk and QR17bn of conventional bonds, Doha Bank CEO R Seetharaman said in an interview.

Qatar, which won the rights to host the 2022 football World Cup, is spending $100bn to improve infrastructure and raise its annual LNG export capacity. The country’s economy grew almost 15% a year between 2006 and 2008, before slowing to 9% in 2009. Growth is forecast at 16% in 2010 and 18.6% this year, driven by oil and gas prices and government spending, according to estimates from the International Monetary Fund.

The sale “will take out the excess liquidity in the market and for sovereign risk this is a good deal,” Seetharaman said. “The banks are happy.”

Qatar Investment Authority, the nation’s sovereign wealth fund, will complete increasing its stake in some of the banks to 20% in the first quarter, state-run Qatar News Agency reported on January 11, citing HE the Prime Minister Sheikh Hamad bin Jasim bin Jabor al-Thani.

source: Bloomberg
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  • Home
  • News
  • The Islamic law
    • Socio-economic Justice
    • The ownership of wealth
    • Prohibition of Riba, Maysir and Gharar
    • Zakah
  • Islamic Economics
    • Shareholding in Islam
    • Loans and debts in the Sharia'h
    • The Islamic Development Bank
  • Islamic Finance
    • Financial intermediation
    • Islamic accounting
    • Financial statements analysis
    • Regulation and Supervision
      • Shari’ah Boards
      • Operations within the conventional system
    • Islamic Commercial contracts
      • Relationship with central banks
      • Valid transactions
      • Mudarabah
      • Musharakah
      • Diminishing Musharakah
      • Murabahah
      • Salam
      • Istisna'a
      • Ijarah
      • Wakalah
      • Other contracts
  • Islamic Banking Operations
    • Starting an Islamic Bank
    • Commercial transactions
    • Deposits
    • Islamic credit cards
    • Fee-based services
    • Letter of Credit
    • Bank Guarantee
    • Modes of financing and investment
      • Ijarah financing
      • Musharakah and Mudarabah certificates
      • Diminishing Musharakah
      • Replacing interest-based lending
    • Capital Market Operations
      • Islamic Unit Trusts
      • Islamic Fund Structures
      • Investment screening
      • Islamic Market Indexes
      • Islamic ETF
      • Venture Capital
      • Foreign exchange
  • Sukuk
    • Sukuk structures
    • Controversy
    • Indexation of financial obligations
    • Risks underlying Sukuk
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    • Takaful Agreements
    • Takaful models
    • Areas of Takaful
    • General insurance
    • Life insurance
    • Reinsurance
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