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GIB lead manages sale of Sukuk for Almana Group

DUBAI — Bahrain-based Gulf International Bank (GIB) has solely managed the sale of Dh600 million ($163 million) of Sukuk for Almana Group WLL, a Qatar-based trading, automotive and contracting company.

Almana Group has a “BBB+” rating with a “Stable” outlook from Capital Intelligence (CI). The proceeds of the Sukuk will go towards financing the Group’s expansion plans.

The Shariah-compliant Sukuk were structured by GIB’s Capital Markets team in line with the current guidelines of the Accounting and Auditing Organisation for Islamic Financial Institutions.

GIB has also helped in obtaining a rating from Capital Intelligence for the Almana Group, which is one of the first few companies in Qatar to seek such a rating.

It was also the first time for a Qatari company to raise a financing in UAE dirhams.