Qatar's Barwa Bank lists $2 billion sukuk programme on Irish exchange
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 hasn't specified a timeframe or size for its potential debut deal. 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. The transaction is being arranged by Citigroup.
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