Qatar Islamic Bank , the Gulf state's largest sharia-compliant bank by assets, said on Monday its shareholders had approved the issuance of up to QR5 billion ($1.37 billion) of Tier 1-boosting sukuk.

The sale would be in accordance with Basel III banking rules and the final amount and currency of the offering would be decided by the board at a later date, the bank said in a bourse filing.

The bank said on January 18 it planned to raise up to QR2 billion through a sukuk which enhanced its Tier 1 - or core - capital. - Reuters