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3 years ago
Qatar's Ooredoo signs Islamic loans worth $498 mln -statement
May 13, 2014 / 5:26 PM / 3 years ago

Qatar's Ooredoo signs Islamic loans worth $498 mln -statement

DUBAI, May 13 (Reuters) - Qatar's Ooredoo has signed three Islamic loan facilities with local banks totalling $498 million, the telecommunications operator said on Tuesday.

Ooredoo, which has operations in Africa, Asia and the Middle East, has agreed one-year murabahas - a sharia-compliant cost-plus-profit arrangement - of $166 million each with Qatar Islamic Bank, Masraf Al-Rayyan and Barwa Bank.

These will be used for general corporate purposes, Ooredoo said in a statement. (Reporting by Matt Smith; Editing by Greg Mahlich)

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