DUBAI, United Arab Emirates – Dec. 22, 2025 – A team from global law firm Greenberg Traurig acted as English law counsel to Qatar International Islamic Bank (QIIB) on its QAR 500 million (US$137 million) Sukuk issuance, the first Islamic Sukuk in history to be listed on the Qatar Stock Exchange.
QIIB announced the successful issuance of the senior unsecured Sukuk on Dec. 17. The Sukuk were issued under Regulation S as part of QIIB’s existing US$2 billion Trust Certificate Issuance Programme. The listing of QIIB’s Sukuk represents an important milestone for Qatar’s debt capital market, in support of Qatar National Vision 2030.
The Sukuk were priced at a fixed profit rate of 4.4% per annum, with a three-year maturity and structured using a Wakala and Murabaha format, which follows Islamic finance rules. QIIB Senior Oryx Ltd. is acting as the issuer and trustee, while QIIB itself is the obligor.
The Sukuk will expand QIIB’s financing options and enable access to a broader investor base — enhancing financial flexibility, supporting the diversification of Shariah-compliant investment products, and strengthening the financial stability and competitiveness of QIIB in both the local and regional banking markets.
QIIB is a privately owned Islamic bank in the State of Qatar offering personal and corporate Islamic banking solutions. Established in 1991 and regulated by the Qatar Central Bank. QIIB has maintained an “A2” credit rating from Moody’s and an “A” rating from Fitch Ratings, both with stable outlooks, reflecting the strength of its financial position and the effectiveness of its management.
The team from Greenberg Traurig’s Dubai office was led by Capital Markets Shareholder Alex Roussos, Senior Associate James Osun-Sanmi and Practice Group Attorney Katie Phillips.
“We proudly celebrate QIIB’s first local QAR-denominated Sukuk listing on the Qatar Stock Exchange — a key milestone for both QIIB and the advancement of Qatar’s local debt capital markets. This achievement reflects strong collaboration with our partners at QFMA, Qatar Stock Exchange, and EDAA, together with the outstanding efforts of the QIIB team. I’m honored to have been part of this journey, which builds on QIIB’s track record as the first Qatari bank to issue both a Perpetual Sukuk and a Sustainable Sukuk internationally, listed on the London Stock Exchange.
Sincere thanks to all contributors to this landmark transaction, with special appreciation to our legal advisers Greenberg Traurig for their continued support,” said Mr. Hossam S. Khattab, chief financial officer of QIIB.
Greenberg Traurig launched in the Middle East in 2023 with offices in Riyadh and Dubai. Since then, the firm has been growing steadily in the region, adding an office in Abu Dhabi in 2025 and planting key roots in the industries and business sectors most active in the Middle East, including real estate, infrastructure and transportation, energy and natural resources, hospitality, finance and restructuring, mergers and acquisitions, private equity, private credit, sports and entertainment — including venue, talent, entertainment, licensing, and other needs — capital markets, and arbitrations and disputes.
Greenberg Traurig’s Riyadh office is operated by Greenberg Traurig through Greenberg Traurig Khalid Al-Thebity Law Firm. Greenberg Traurig’s Dubai office is operated by Greenberg Traurig Limited. Greenberg Traurig’s Abu Dhabi office is a branch of Greenberg Traurig, P.A.