Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, has raised QR2 billion ($550 million) with a Tier 1 perpetual sukuk issue, it said on Wednesday.

The sale was completed on Tuesday and was in accordance with Basel III banking rules, it said in a statement to the bourse. The issue will enhance the bank's capital adequacy ratios and support its business growth, it said.

QIB joins a string of Gulf banks which have tapped the debt markets in recent months to replenish their reserves after a period of strong lending growth.

In February, shareholders of QIB approved the issue of up to QR5 billion of Tier 1 sukuk.

Last month, Saudi Arabia's National Commercial Bank raised QR1 billion ($267 million) through a sukuk issue that enhanced its core capital.-Reuters