Barwa gets QR420mn loan from IBQ.Rakesh Pandey DOHA The Barwa Real Estate Company has signed a QR420 million ($115.4 mn) financing deal with the International Bank of Qatar (IBQ IBQ Iowa Brass Quintet (University of Iowa) ) for funding its ongoing projects and investments. The company's management has also approved the list of board members for its subsidiary, the Barwa Bank. Barwa, in a statement on Wednesday, said that the murabaha (Islamic) loan arranged by IBQ will help in executing projects worth QR15 billion in Qatar over the next five years. "The agreement aims to provide a financial umbrella for the company's ongoing projects and investments. Currently and over the coming five years, Barwa will be executing a number of mega projects in Qatar. The total cost of these projects will be about QR15 billion and the construction work on these projects are on course," it added. Barwa has also struck strategic partnerships with a number of global institutions, and the recent QR500 million alliance with Amlak Finance, in which Barwa possesses about 60 percent of the joint venture, is an example of this. Meanwhile, Barwa's board of directors has approved the list of nominees for the Barwa Bank management body. It will be headed by Chairman Ghanem bin Saad al Saad, while Mohammed bin Hamad bin Jassim bin Jabor al Thani will be the deputy chairman. The board members are Khalid Ibrahim Tan Sri Khalid Ibrahim is a Malaysian politician and former corporate figure of Malay descent. He is also the current Treasurer-General of Parti Keadilan Rakyat (PKR, or People's Justice Party). Mohammed al Sulaiti, Hassan Lahdan Saker sa·ker n. A Eurasian falcon (Falco cherrug) having brown plumage and often trained for falconry. [Middle English sacre, from Old French, from Arabic al Muhanadi, Ali Mohammed Sabah al Assiri and Jamal Abdulrahman al Mislmani. Al Mislmani is the representative of Qatar Investment Authority. It may be noted that Barwa Bank is a fully-fledged Sharia'h-compliant institution with an authorised capital of Q1 billion and is aimed at offering customers access to high-quality Islamic banking Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. products and services. On to the new appointments, bank's Chairman Ghanem bin Saad al Saad said that he had full trust in the abilities of the board members who "have adequate administrative and practical expertise to meet the high expectations of the company." "Barwa Bank will add a new dimension to banking in Qatar. It is a quality addition to Barwa Real Estate Company and has been set up in line with our vision to expand investment in the country," he added. Copyright Qatar Tribune tribune, in ancient Rome, one of various officers. The history of the office of tribune is closely associated with the struggle of the plebs against the patrician class to achieve a more equitable position in the state. From c.508 B.C. . All Rights Reserved. Provided by Syndigate.info an Albawaba.com company |
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