Qatar's Nakilat inks $380m Islamic loan

Shares in Qatar Gas Transport Co closed up 0.6 per cent on news.
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By: Reuters

Qatar Gas Transport Co (Nakilat), the world's largest shipper of liquefied natural gas (LNG), signed a $380m murabaha-structured Islamic loan, a statement from one of the banks providing the finance said on Sunday.

Qatar Islamic Bank provided $180m of the facility, the bank said in a bourse filing. Qatar International Islamic Bank provided the remainder of the cash.

No other details of the deal were provided.

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

Last month, Nakilat reported a 5.9 per cent jump in second-quarter profit partly due to better cost control.

Shares in Nakilat closed up 0.6 per cent on Sunday, trimming year-to-date losses to 10.5 per cent. Qatar's main index has lost 4.1 per cent in 2012.
 

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