Qatar Islamic Bank considering $1 bln Sudan unit

DUBAI - Qatar Islamic Bank, the country’s largest Islamic lender by market value, said on Sunday it was considering setting up a $1 billion commercial and investment bank in Sudan.

By (Reuters)

Published: Sun 29 Apr 2007, 6:12 PM

Last updated: Sat 4 Apr 2015, 9:19 PM

Qatar Islamic is studying the Sudanese venture with partners in Qatar and the Gulf Arab region, Chief Executive Salah Jaidah said, according to a statement posted on the Doha bourse Web site. The statement did not name the partners.

In January, Qatar Islamic said it had applied for a banking licence in Britain to increase exposure to European markets, where demand is growing among Muslims for investments that comply with their beliefs.

The plan “comes within the bank’s strategy to increase its successful investments at regional and international levels,” the bank said.

Islamic banks cater to Muslim investors who want to avoid earning or paying interest, viewed as usury under Islamic.

Shares of Qatar Islamic were up 1.49 percent at 0926 GMT.

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