Skip to main content

Qatar's Barwa Bank has listed a $2 billion Islamic bonds programme on the Irish Stock Exchange, taking the lender a step closer to tapping the sukuk market for the first time.

Rating agencies Moody's and Fitch assigned ratings of A2 and A+ respectively to the sukuk programme, Barwa Bank said in a statement to Reuters, without specifying a timeframe or size for its potential debut deal.

Several Gulf lenders have taped the sukuk market this year, with Qatar Islamic Bank raising $750 million in October.

Barwa is classified as a systemically important bank, with 53 percent of its share capital owned by the Qatari government through Qatari Holding LLC and other government funds.

Barwa's sukuk programme uses an agency-based structure known as wakala, where a portfolio of sharia-compliant assets is managed on behalf of sukuk certificate holders. The transaction is being arranged by Citigroup, the prospectus said.

Related Articles

Q&A with Edwin Northover, Debevoise & Plimpton LLP

Debevoise & Plimpton LLP won the Insurance Law Firm of the Year award at the ALB Hong Kong Law Awards 2024, apart from being the sponsor of the Insurance In-House Team of the Year award. Edwin Northover, Asia-based corporate partner and head of the firm’s financial institutions and corporate practices in Asia, talks about the firm's recent achievements, trends in the insurance industry, and future outlook for insurance law in Hong Kong.

Kramer Levin and Herbert Smith Freehills plan latest law firm mega-merger

by Reuters |

U.S. law firm Kramer Levin Naftalis & Frankel and global legal giant Herbert Smith Freehills are planning to merge to create a firm with more than 2,700 lawyers, according to a joint statement on Monday.

Tokyo International makes Singapore debut with SE Asia in its sights

by Sarah Wong |

Japanese boutique Tokyo International Law Office (TKI) is set to establish its first overseas outpost with the opening of a Singapore office in January 2025, marking a significant milestone in the rapidly expanding firm's global strategy.