(MENAFNEditorial) Doha, Qatar – November 20, 2012:
Today Qatar Telecom (Qtel) and QIB – the leading Islamic bank in Qatar – have signed a USD 500 million Islamic finance deal.
The signing ceremony took place at the Qtel headquarters. It is the first Islamic finance deal signed by Qtel, as QIB continues its mission to provide leading companies with the financial backing they need to fulfil their ambitions.
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".
Dr. Nasser Marafih, Chief Executive Officer of the Qtel Group commented: "We are delighted to be part of the developing Islamic financing market in Qatar. QIB has done a great job in offering Qtel attractive terms, and this deal further strengthens the relationship between Qtel and QIB."
Mr. Ahmad Meshari, Acting Chief Executive Officer of QIB, added: "This deal is the first financing arrangement to be entered into with Qtel, opening doors for further avenues of collaboration between the two organisations. The transaction is another demonstration of 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 such as Qtel."
"This financing deal confirms the leading role the Bank plays in supporting large companies operating in Qatar and we are keen to continue to play a pivotal role which sees us making a positive contribution to the ongoing development of this country," added Mr Meshari.
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