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Ooredoo shares advances as telecom giant seals $498 million financing

: Wednesday, May 14 - 2014 @ 18:18

The Qatar Exchange 20 Index declined by 0.11 per cent to hit 13,160.60 points on Wednesday, May 14. Ooredoo, formerly Qatar Telecom, gained 0.96 per cent to close at QAR147.40. Earlier in the day, Ooredoo announced the signing of three commodity Murabaha facilities for a total of $498 million. The three facilities of $166m each were agreed with Qatar Islamic Bank, Masraf Al-Rayyan and Barwa Bank and will be used for general corporate purposes. Under the Islamic financing scheme Murabaha, the bank buys goods for the firm and re-sells the commodities at a higher price over several periods in order to avoid interest, which is forbidden under shari’a law.

Gérard Al-Fil

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Wednesday, May 14- 2014 @ 18:18 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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