Qatar Islamic Bank said on Thursday it had exposure to a Dubai World Islamic bond maturing in 2017 worth QR54 million ($14.84 million).

The lender is the first Qatari bank to announce its exposure to the Dubai state-owned conglomerate, which is restructuring debts worth $26 billion.

'The financial impact currently will affect the negative investment fair value reserve,' it said.

'QIB will keep observing the situation and its financial consequences which will be disclosed accordingly.' – Reuters