Islamic Finance

Qatar Islamic Bank debut Formosa sukuk upsized to $800 mln

Qatar Islamic Bank on Wednesday (Jan 22) said its debut Formosa sukuk of $650 million it issued on Tuesday was upsized to $800 million to meet investor demand.

The bank said in a filing with Qatar Stock Exchange the five-year sukuk will be dual listed on the Taipei and Irish Stock Exchanges.

QIB said the issuance was part of its strategy to diversify funding from new markets.

The issue falls under QIB’s $4 billion Trust Certificate Issuance Programme.

It was arranged by Standard Chartered Bank (Taiwan) Limited.

QIB’s sukuk follows Qatar National Bank’s $600 million 40-year Formosa bond issued mid-January. QNB is Qatar’s biggest bank by assets.

Formosa bonds or sukuk are sold in Taiwan by foreign institutions and are denominated in currencies other than the new Taiwan dollar.

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