DOHA: Al Yusr Islamic Bank, the Islamic Banking window of IBQ, yesterday announced the successful conclusion of a new Islamic Banking transaction. Al Yusr has arranged a commodity Murabaha facility worth QR324m for Ezdan Contracting Company. The signing ceremony between Muhannad Kamal, Deputy General Manager of IBQ and Khaled Yousef Goulou CEO of Ezdan, took place at IBQ Headquarters in Doha.
This facility is the first corporate Islamic deal for Al Yusr Islamic branch. Ezdan Contracting Company will use the Murabaha facility to further expand and finance its operations in Qatar.
Commenting on the signing ceremony, . Muhannad Kamal, said: "We are delighted with the successful conclusion of this facility for Ezdan, who are one of the major contacting companies in Doha. Ezdan is well known for its contribution to the development of Qatar, and we are proud to be associated with such a prominent company. Being one of the oldest Banks in Qatar, we have a history of participating in country>s growth and development. With the introduction of our Islamic Banking arm, Al Yusr, we are able to offer our customers a wider choice and to further support the development of the different sectors of the economy."
IBQ has obtained approval from Qatar Central Bank to open an Islamic banking branch and to introduce a suite of corporate and retail Islamic banking products. IBQ's Islamic banking branch will be known as Al Yusr Islamic banking, and the first branch to offer retail services will be located at C Ring Road. Kamal said: "This facility represents our first corporate deal through our Al Yusr Islamic Banking arm. We are very pleased to be introducing our new Islamic financial services to the market and reaffirm the important role Islamic finance plays in debt capital markets by providing versatile Sharia'a-compliant structures for investors. We are committed to better serving our customers. Diversifying our product range ensures that the different needs of our customers are met."
Ezdan Contracting is a wholly-owned subsidiary of the Ezdan Real Estate Company, a prominent Qatari real estate and development company. IBQ hopes to continue this affiliation with Ezdan as they continue to participate in the development of Qatar and the surrounding region.
© The Peninsula 2008
