Qtel signs $500m Islamic financing deal with QIB

An Islamic financing facility worth $500m was signed between Qatar Telecom (Qtel) and Qatar Islamic Bank (QIB). The bank plays the role of Sole Mandated Lead Arranger and Investment Agent for the deal. The financing is structured as an 18 month Shariah-compliant "Revolving Murabaha". According to Chief Executive Officer of the Qtel Group - Dr Nasser Marafih - the deal will make the relationship between Qtel and QIB stronger. Ahmad Meshari, Acting Chief Executive Officer of QIB, added that the financing facility enables further avenues of collaboration between the two companies.