Qatar's Masraf
Al Rayan Lines Up $500 Mln Sukuk
January 12, 2017
Qatar's Masraf Al Rayan, an Islamic lender,
has mandated banks for a sukuk of around
$500 million, banking sources said on
Wednesday.
This would be one of a likely series of debt
issues in the first quarter by Gulf banks
seeking U.S. dollar funding to improve their
liquidity, which has been hurt by low oil
prices.
Abu Dhabi Islamic Bank, Dubai Islamic Bank,
Emirates NBD, and Noor Bank are among
lenders mandated to arrange the planned
sukuk sale, one of the sources said. Masraf
Al Rayan did not respond to an emailed
request for comment.
However, the deal could be delayed by legal
and regulatory aspects of merger talks
between Masraf Al Rayan and two other Qatari
institutions, Barwa Bank IPO-BABK.QA and
International Bank of Qatar, another source
told Reuters.
The merger talks, revealed in mid-December,
would create Qatar's second-largest bank
with total assets worth more than 160
billion riyals ($44 billion).
The proposed merger depends on securing
approvals from the banks' shareholders,
regulators and authorities, including the
central bank.
(Reuters)