Shareholders of Qatar's Barwa Bank approved plans for a $2 billion senior unsecured sukuk programme that could be issued in various currencies, the lender said in a statement on Tuesday.

The Islamic bank did not specify a timeframe or size for a potential debut deal.

It also received approval to pay a cash dividend of 10 per cent to shareholders, the statement said.

Barwa at its recent annual general meeting also discussed the bank’s vision going forward, highlighting the role of sukuk and bond issuance in its record growth.

The suksu plan will be carried out through the establishment of a Special Purpose Vehicle (SPV) in full compliance with the instructions of the Qatari Central Bank and in accordance with the provisions and amendments of the 2002 commercial companies law number 5, it stated.

The board will be authorised to issue and determine the currency, quantity, terms and conditions of the Sukuks, and will be entrusted with the establishment of the SPV for this purpose, it added- TradeArabia News Service