(MENAFN- The Peninsula) The Peninsula
The Qatar International Islamic Bank (QIIB) is to hold discussions for forging new partnerships with various international financial and banking institutions, on the sidelines of the ongoing annual meetings of the International Monetary Fund (IMF) and the World Bank, in Washington.
According to a press release issued yesterday by the QIIB, the delegation, headed by Chairman, QIIB Board of Directors Sheikh Dr Khalid bin Thani bin Abdullah Al Thani (pictured), is scheduled to hold meetings with officials and financial experts from around the world. Sheikh Dr Khalid is accompanied by QIIB Chief Executive Officer Dr Abdulbasit Ahmed Al Shaibei and other senior management members of the bank
The delegation will also hold bilateral discussions in which it will highlight the strength and robustness of the Qatari banking sector, its enriching opportunities and ability to achieve further growth in view of its strengths, especially in terms of the high solvency and huge reserves of the State of Qatar.
QIIB said the Washington conference will be an important opportunity to explore new partnerships with various international financial and banking institutions and illustrate the strength and resilience of the country's banking sector . The conference will also be a platform to discuss the opportunities available in Qatar and the country's ability to continue with its growth trajectory.
The QIIB's participation in the annual meetings of the IMF and the World Bank coincides with its announcement to establish a $2bn sukuk issuance programme. The UK Financial Conduct Authority (FCA) has approved QIIB's $2bn Trust Certificate issuance Programme and and the FCA's approval in the UK to list the program on the London Stock Exchange.
The Programme has been assigned a provisional rating of A2 by Moody's Investors Service Cyprus and expected rating of A by Fitch Ratings. Moody's said ratings assigned to the trust certificates are at the same rating level as the A2 long-term issuer ratings of QIIB. The proceeds of the sukuk certificates will be used by the Issuer to acquire a beneficial interest in a portfolio of Shari'ah compliant assets. These sukuk assets will form part of ‘Wakala' and ‘Mudaraba' portfolios which will be managed by QIIB as Servicing Agent and ‘Mudarib', respectively on behalf of the Issuer (acting as Trustee for the Certificate holders). QIIB will collect income against the relevant periodic distribution amounts due for each series.
QIIB was established in 1990 as the second Islamic bank in Qatar and is currently the third largest bank in terms of assets and market capitalisation.
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