Doha, August 23 (QNA) - Qatar Islamic Bank (QIB), Qatar's largest Islamic bank, has announced the successful closure of its 3-years, $1Bn unsecured, Dual-tranche Term Murabaha Financing Facility. The Facility was substantially oversubscribed (2 times) at competitive all-in pricing and upsized from its initial launch amount of $600Mn, due to strong demand from the financial markets.

A QIB press release on Saturday said that the syndication was managed by QIB Wholesale Banking Group and was led by HSBC Bank Middle East Limited, SMBC Bank International PLC and Standard Chartered (as Initial Mandated Lead Arrangers and Bookrunners and Global Coordinators). Facility Agent Bank role was assigned to HSBC Saudi Arabia. Norton Rose Fulbright and White & Case acted as the legal advisors to MLA's and QIB respectively.

The transaction was well supported by strong group of regional, Asian and international banks with wide participation of 15 institutions joining the syndication allowing a substantial oversubscription and diversified coverage, which led the deal to be significantly upsized from $600m to $1Bn, it added.

Commenting on the syndication closure, GCEO of QIB Bassel Gamal said: "This landmark syndicated Islamic Financing Facility has attracted a significant interest from both global and regional banks, allowing QIB to broaden its investor base while building valuable and long-lasting relationships. The oversubscription at competitive pricing despite the challenging global market conditions is a clear testament of the strength of Qatar's banking sector, QIB's solid financial standing and its position as leading Islamic bank in Qatar and the region." (QNA)