Qatar Telecom (Qtel) and QIB have signed a $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 - the leading Islamic bank in Qatar - 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.”
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 Meshari.
The Qtel Group is a leading international communications company, with a significant presence in the Mena region and Southeast Asia, and having a consolidated customer base of more than 89.2million as of Sept.30, 2012. Its businesses operate under various names, including Qtel, Indosat, Asiacell, Wataniya, Nawras, Nedjma and Tunisiana.
The Qtel Group’s principle activities are mobile telephone services, broadband solutions, digital futures and fibre technologies, serving both consumer and business markets.
Headquartered in Doha, Qatar, the Qtel Group is ambitiously growing its global business on the basis of its insights into the needs of customers in emerging markets. Qtel Group’s ultimate parent company is Qatar Telecom, whose shares are listed on the Qatar Exchange and the Abu Dhabi Securities Exchange.
Neither Qatar Telecom nor any of its subsidiaries has registered, or intends to register, securities in the United States, Australia, Canada, Japan or any other jurisdiction or intends to conduct a public offering of securities in any of these jurisdictions.