QNB Al Islami
Doha, 18 June 2008 - QNB Al Islami, the Islamic branch of Qatar National Bank (QNB), Qatar International Islamic Bank (QIIB) and Al Salam Bank- Sudan signed a Facility agreement worth US$ 50 million with Sudanese Telecommunication Co. (Sudatel).
As per the agreement QNB Al Islami will finance 50% of the signing amount, while the rest will be jointly financed by QIIB and Al Salam Bank. QNB Al Islami will contribute US$25 million, while QIIB will finance US$ 10 million and Al Salam Bank will finance US$ 15 million towards this facility which is in the form of “lease ended by ownership” for a tenor lasting five years to Sudatel.
The agreement was signed in QNB’s Headquarters yesterday, by Mr. Ali Ahmed Al-Kuwari, Executive General Manager & Chief Business Officer of QNB, Mr. Jamal Abdullah Al-Jamal, General Manager Banking Services at QIIB, Mr. Abdu M.M. Khalil General Manager of Al Salam Bank, Mr. Emad H. Ahmed, Chief Executive Officer of Sudatel and Mr. Emadeldin W. Mohamed Chief Financial Officer of Sudatel.
Sudatel is a telecommunications and Internet service provider in Sudan, responsible for the construction and maintenance of Sudan's telecom infrastructure. It is the first Sudanese company to float its shares on the regional stock market with more than 21% of Sudatel owned by the Sudanese government and the remainder owned by private interests.
Through this agreement, QIIB continues to execute its strategy of partnering with industry leaders from various sectors both within and outside of Qatar. This strategic mission includes signing similar financing agreements and financing of internal infrastructural development in Qatar. QIIB is expanding its international investment plans to include UK, Syria, Pakistan, Mauritania and North Africa.
This agreement is a part of QNB’s long term expansion plans which involves providing corporate banking and project financing facilities to leading organisations from all over the world. QNB recently acquired approval to begin banking operations in Sudan and has laid the foundation stone for the QNB tower in Khartoum.
In this respect QNB also signed a Memorandum of Understanding with Qatari Diar Real Estate Investment Co to finance individuals and companies desiring to buy residential units in ‘Al Difaf’ project in Sudan.
In keeping with the growing demand for Islamic financing in the market, QNB Al Islami has signed financing agreements with key players in Qatar in order to finance construction projects and expansion strategies. The bank is keen on providing its financial expertise in order to further growth and development in countries where it operates.
