Tuesday 29 March 2011

Qatar's Masraf Al Rayan to issue up to US$1 billion Sukuk - Business Intelligence Middle East - bi-me.com - News, analysis, reports

Masraf Al Rayan (MARK), a Qatari Islamic lender, plans to sell up to US$1 billion in sukuk in the fourth quarter after its board received shareholders approval for the plan, Chairman Hussain Ali Al-Abdalla said.

Masraf Al Rayan is also seeking to buy a stake in a Saudi bank, he told the general meeting of shareholders late yesterday in Doha, without naming the lender.

“The aim from issuing the sukuk is to manage the balance sheet more efficiently,” he said.

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