Arab Today, arab today barwa bank boosts debt markets deals with idb sukuk role
Last Updated : GMT 16:22:08
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Barwa Bank boosts debt markets deals with IDB sukuk role

Arab Today, arab today

Arab Today, arab today Barwa Bank boosts debt markets deals with IDB sukuk role

Doha - Arabstoday

Barwa Bank has said its involvement in the $800mn five-year sukuk for Saudi-based Islamic Development Bank (IDB) as joint lead manager indicates its strong presence in the debt capital markets. On the deal, which marks the bank’s first sukuk involvement as joint lead manager, Barwa Bank CEO Steve Troop said: “We are extremely proud to be lead arrangers for this transaction, which is IDB’s first public debt issuance in more than a year. Our aim is to associate Barwa Bank with the leading institutions and IDB, the highest-rated institution in the Middle East (AAA), represents one of the most prestigious names in Islamic finance. Barwa Bank is now a strong participant in this market - another clear demonstration of how we are achieving our vision of becoming a universal Shariah-compliant bank based in Qatar.” Barwa Bank had acted earlier this year as co-lead manager on the Government of Dubai’s $1.25bn sukuk issuance. Barwa bank general manager and head (banking) Keith Bradley said, “Within a few weeks we have acted as co-lead manager on the Government of Dubai sukuk and joint lead manager for IDB. Barwa Bank has proved it is credible in debt capital markets. Going forward we will continue to develop this market segment.” Khalid Mahdi al-Ahbabi, assistant general manager and head (wholesale banking) said, “Barwa Bank has won over many other competing banks to act as joint lead manager on this transaction, thanks to our capabilities, connections and strong market presence in Qatar. Sukuks are an excellent way to tap into growing liquidity among Shariah-compliant investors and are proving a significant contribution to the Islamic finance industry and the development of the GCC economy.”

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