QIB signed a US$ 200 million Murabaha financing deal with Qatar Petrochemicals Company (QAPCO) Monday morning. QIB’s offer was ranked as the forerunner among six other bank offers. This financing project will be utilized for QAPCO’s new Low-Density Polethylene-3 (LDPE-3) project and related operations.
This agreement is a part of QIB’s five-year strategic plan. Adopted by the Bank’s Board of Directors and presided by QIB Chairman, Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani, it aims at reinforcing QIB’s status regarding financing large Qatari companies through via providing finance for national projects and initiating strong partnerships which contribute to the rise of Qatar’s economy, especially Qatar’s current industrial rise.
The new QIB-QAPCO agreement falls within the frame of the Bank’s strategy of offer Sharia’-compliant financial solutions to large national institutions and companies, particularly within the industrial complex, which are considered part of Qatar’s infrastructure, an infrastructure noted as one of the world’s best-growing despite current global financial conditions.
Mr. Salah Jaidah, QIB CEO, said, “The financing agreement with QAPCO opens new horizons through which QIB may enhance its commitment to large national companies by introducing them to Islamic financial solutions which would assist them in meeting their capital requirements. QIB’s drive to reach these companies is also in compliance with the strategic goals of the country in diversifying the nation’s economic sources.”
“At QIB, we are proud to build strategic partnerships with companies such as QAPCO, which is considered a leading petrochemical company locally and internationally. This agreement boosts the Bank’s contributions to support and develop national industries with QIB acting as a strategic partner in Qatar’s continued development,” he added.
Mr. Saeed Al Khayarin, Acting General Manager of QIB’s Investment Banking & Development Group, said, “This agreement signed with QAPCO reflects QIB’s role and capability to innovate diversified Sharia’-compliant financial solutions which meet client needs and help achieve growth of large national companies, especially in the industrial sector.”
QIB has been a trailblazer in developing dynamic Sharia’-compliant financing solutions for large national companies. The Bank has previously arranged finance deals for many of Qatar’s principal companies such as Qatar Airways, Kahrama’, Salam Bounian and UDC’s Qanat Quartier project.
