Qatar International Islamic Bank (QIIB) has launched a new sukuk worth more than $137 million (QAR 500 million). The bank shared this information in a filing with the stock exchange on Monday.
The sukuk is a senior unsecured issue with a three-year maturity. It was issued at par value, meaning investors paid the full face value. The sukuk offers a fixed profit rate of 4.40%, which will be paid twice a year.
This sukuk is structured using a Regulation S wakala and murabaha format, which follows Islamic finance rules. The issue is part of QIIB’s existing $2 billion Trust Certificate Issuance Program. According to the filing, QIIB Senior Oryx Ltd. is acting as the issuer and trustee, while QIIB itself is the obligor.
The sukuk is expected to be listed on the Qatar Stock Exchange’s Fixed Income Market on December 17, 2025. Several financial institutions helped arrange the deal, including Al Rayan Investment LLC, Dukhan Bank, Lesha Bank, Standard Chartered Bank, and The First Investor QSC, all of which acted as joint lead managers.
QIIB continues to maintain a strong position in the regional banking sector. The bank is ranked 76th on Forbes Middle East’s Top 100 Listed Companies 2025 list. It is rated A2 by Moody’s and A by Fitch Ratings, with both agencies giving the bank a stable outlook.
This new sukuk is QIIB’s second issuance this quarter. In November, the bank issued a $500 million five-year senior unsecured sukuk. That earlier deal was priced at 85 basis points above US Treasury yields and carried a 4.50% profit rate.
The latest issuance comes at a time of strong debt market activity among banks in the Gulf Cooperation Council (GCC) region. Many banks are turning to sukuk markets to raise funds.
Last month, Kuwait Finance House (KFH) issued an $850 million Additional Tier 1 (AT1) mudaraba sukuk. In October, Banque Saudi Fransi (BSF) announced plans to issue an AT1 sukuk denominated in Saudi riyals.
Meanwhile, Bank AlJazira of Saudi Arabia priced its $500 million perpetual AT1 sukuk in September. This sukuk cannot be called for 5.5 years and offers a 6.5% profit rate, with a reset margin of 284.7 basis points.
The sukuk market is expected to remain strong in 2025. In July, S&P Global said it expects up to $80 billion in foreign currency sukuk issuances next year. During the first half of 2025, foreign currency sukuk issuance rose 9% to $41.4 billion. However, local currency sukuk issuance fell by nearly 15% to $101.3 billion.
This trend highlights the growing global demand for foreign currency sukuk, especially from GCC-based issuers.
Published: 17th December 2025
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