UPDATE 2-Qatar Islamic Bank plans $549 mln Tier 1 sukuk
Qatar Islamic Bank ( QIB ) plans to raise up to 2 billion riyals ($549.4 million) through a capital-boosting sukuk. Qatar's largest sharia-compliant institution by assets announced the sukuk after reporting fourth-quarter net profit that was up an estimate-beating 30.4 percent year on year. On Sunday QIB said that its board had proposed a Basel III-compliant Tier 1 sukuk worth up to 2 billion riyals, subject to shareholder and regulatory approval. QIB's total capital adequacy ratio, a combination of Tier 1 and Tier 2 capital, stood at 14 percent at the end of 2014, against a 12.5 percent minimum prescribed by Qatar's central bank.
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