Doha, August 13 (QNA) – Qatar Gas Transport Company (Nakilat) clinching US $380 Million Islamic Murabaha financing puts it in a vantage position to pursue high-yield investment opportunities and maximize returns for shareholders, company managing director has said.
Saying that this financing underlines the strength of Nakilat’s position, Managing Director Muhammad Ghannam said, “The US$380 million Murabaha financing with Qatar International Islamic Bank (QIIB) and Qatar Islamic Bank (QIB) once again proves Nakilat’s prime status in today’s financial market. Investors across the board appreciate Nakilat s strength. This refinancing will increase our financial flexibility. We are also now better placed to pursue additional high-yield investment opportunities and maximize returns for our shareholders.”
Murabaha is one of the commonly used modes of financing by Islamic banks and financial institutions.
Ghannam appreciated the proficient approach of both QIIB and QIB, “QIIB and QIB worked very adeptly to close the financing in a very short period. Nakilat is embarking on a long-term relationship with QIB and QIIB. With our 54 LNG vessels, Nakilat holds a uniquely important position in the Qatari LNG value chain.
“Our company also plays a key role in the diversification of Qatar’s economy – Nakilat now manages its four LPG ships in-house and, in conjunction with our ship repair and construction joint venture companies, we continue to oversee the development of Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan. Thanks to this most recent financing, we have now taken a productive first step towards a long-term mutually beneficial relationship between the two premier Qatari Islamic banks and Nakilat.”
Explaining how Nakilat’s approach to financing has always been proactive and innovative, Ghannam said, “In 2009 we completed the award-winning US$6.7 Billion programme financing for our wholly owned subsidiary Nakilat Inc., utilizing commercial bank, export credit agency and bond market facilities. This US$380 Million Murabaha financing allows us to expand our sources to encompass Islamic facilities. Nakilat’s financial strength allows it to tap markets globally and across all types of financing sources.”
Having closed the Murabaha financing, Ghannam lauded the Minister of Energy and Industry HE Dr Saleh Al Sada and Nakilat Chairman of Board Hamad Rashid Al Mohannadi for their strong support and guidance. He also expressed his gratitude to all Nakilat board members for their support as well as the employees and management of Nakilat and its subsidiaries. (QNA)