Qatari lender Barwa Bank has said its involvement in the $800 million 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.”
Barwa Bank had acted earlier this year as co-lead manager on the Government of Dubai’s $1.25bn sukuk issuance, according to Gulf Times.
Khalid Mahdi al-Ahbabi, assistant general manager and head (wholesale banking) said, “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.”
