QIB closes $1.1 bln Islamic facility with Qatari Diar

DUBAI Oct 14 (Reuters) - Qatar Islamic Bank QISB.QA said on Wednesday it closed a 4 billion riyal ($1.1 billion) syndicated Islamic facility with Qatari Diar, a unit of the Gulf state's sovereign wealth fund.

The firm appointed QIB as lead arranger last month for a 3.5 billion riyal facility and the bank said on Wednesday the transaction was oversubscribed, prompting it to increase the size to 4 billion riyals.

Qatari Diar, which counts London's Chelsea Barracks among its most high-profile overseas assets, has earmarked the funds to finance European investments, it said in September.

(Reporting by Amran Abocar; Editing by Inal Ersan)