November 20, 2012 / 11:46 AM / in 5 years

Qatar Telecom agrees $500 mln debut Islamic finance deal

Nov 20 (Reuters) - Qatar Telecom (Qtel), one of the Gulf Arab region’s largest telecoms firms, has signed its debut Islamic financing facility, the operator said on Tuesday.

The $500 million deal, which runs for 18 months and is structured as a revolving Murabaha facility, was provided by Qatar Islamic Bank in a capacity as sole mandated lead arranger, the former monopoly said in an emailed statement.

A murabaha is a sharia-compliant cost-plus-profit arrangement.

Qtel, which operates in 16 countries across the Middle East, Africa and Asia, has sent out requests for proposals (RFPs) to banks for a syndicated loan of up to $1 billion, Reuters reported on Thursday, citing banking sources. (Reporting by Matt Smith; Editing by David French)

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