Qatar Islamic Bank Receives 956 Million Riyals From Qatari Fund

By Shaji Mathew

Jan. 25 (Bloomberg) -- Qatar Investment Authority, the country’s sovereign wealth fund, bought 5 percent of the share capital of Qatar Islamic Bank.

The fund paid 956 million riyals ($263 million) for the shares in the Gulf country’s second-biggest bank by market value, according to a statement on the Doha bourse Web site. QIA will buy another 5 percent of Qatar Islamic in December.

QIA said last year it would contribute between 10 percent and 20 percent of Qatari banks’ capital to guarantee financing for development projects in the country, seeking to protect the nation from the global credit crisis.

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net