QD stuns with switch to Islamic refi strategy

Qatari Diar, the real estate and investment company, stunned its usual bank lenders when it launched an ambitious five year Qr3.5bn ($961m) Islamic facility this week to refinance a maturing euro-denominated acquisition bridge. The borrower changed its approach to the deal, originally split between conventional and Islamic tranches, barely a week ago, ditching its international arrangers in favour of sole bookrunner Qatar Islamic Bank (QIB).