Qatar Islamic Bank said yesterday Qatar Investment Authority, or QIA, bought 5% of the lender’s share capital.
QIA spent 956mn Qatari riyals ($262.4mn) on the shares, Qatar Islamic Bank said in a statement on the Doha bourse website.

In December this year, QIA will buy another 5% of the lender’s shares. The shares will be allocated to the QIA during the bank’s ordinary assembly meeting on February 8, according to the statement.

The QIA, the Qatari government’s sovereign fund, said last October it would start buying between 10% and 20% of locally listed banks’ capital to help the banking sector weather the global financial crisis.

Zawya Dow Jones

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