Financial Reports

Qatar Islamic Bank SAQ, complying with Islamic banking rules, hired HSBC Holdings plc and Credit Suisse Group AG to sell Islamic bonds, two bankers familiar with the transaction said.

The Islamic bond, or sukuk, offer is in its early stages, said one of the bankers, who declined to be identified as the terms aren’t set.

A spokesman for Qatar Islamic declined to comment when called yesteday.

Qatar Islamic said December 31 it sold a 5 per cent stake to Qatar Investment Authority, the country’s wealth fund, for 956 million riyals.