Salam International

The term-sheet inputs contemplate lending against pledged securities or fund units, with a maximum LTV of 70%, a top-up trigger at 75% and a liquidation trigger at 85%; stated security coverage is 143%. The proposed tenor is 25 years with a two-year availability period. No mechanics have been provided for pledge creation, control of the custody account, eligible collateral, valuation frequency, NAV reporting, haircuts, concentration limits, margin calls, cure periods, forced-sale authority or release and substitution of collateral. Fee mechanics are stated as a 0.50% commitment fee, 0.25% management fee and 1.00% prepayment fee, but the calculation basis and timing are not specified. [Analyst to confirm: full collateral and monitoring framework, reporting frequency, renewal requirements, operational controls, fee computation, and treatment of market disruption or illiquid assets.] (Source: application form)

• Proposed facility: Demand Loan of USD 10,000K, equivalent to QAR 36,500K at parity 3.65. (Source: application form)
• Availability: two years within the proposed 25-year tenor. (Source: application form)
• Account status: new account to be opened. (Source: application form)
• Disbursement is subject to completion of legal, credit, regulatory and security documentation, including QCB approval for FX lending. (Source: application form)
• The facility is stated to be supported by pledged securities or fund units, but eligible collateral, custody arrangements, valuation and perfection requirements are not specified. [Analyst to confirm.]
• Tranche booking rules, minimum drawdown, utilisation currency, permitted end-use evidence and conditions precedent have not been provided. [Analyst to confirm.]

• Pricing: 3M SOFR plus 2.75%, subject to a maximum all-in rate of 2.78%. The application does not specify the interest payment frequency, benchmark fallback, observation convention or treatment of any negative benchmark. (Source: application form)
• Commitment fee: 0.50%; management fee: 0.25%; prepayment fee: 1.00%. The calculation basis, charging dates and applicability to undrawn or prepaid amounts are not specified. (Source: application form)
• Principal: repayment mechanics have not been provided for the 25-year tenor or the two-year availability period. [Analyst to confirm: amortisation profile, bullet or demand repayment terms, scheduled instalments, maturity settlement, voluntary prepayment rights and mandatory prepayment events.]
• The proposal includes collateral-based top-up and liquidation triggers at 75% and 85% LTV, respectively. [Analyst to confirm: margin-call cure period, enforcement rights and application of sale proceeds.] (Source: application form)

• The proposed Demand Loan is stated at USD 10,000K, equivalent to QAR 36,500K at the fixed parity of 3.65 (Source: application form).
• Proposed security is stated to comprise pledged securities/fund units with an LTV cap of 70%, a top-up trigger at 75% and a liquidation trigger at 85% (Source: application form).
• The term sheet indicates security coverage of 143%; the related bank threshold is recorded as weak (Source: application form).
• The nature, value, liquidity, ownership, custodian and enforceability of the proposed pledged securities/fund units have not been evidenced. [Analyst to confirm: detailed collateral schedule, valuation basis, custody arrangements, pledge documentation and eligibility of the assets.]
• No collateral documentation has been uploaded. [Analyst to confirm: executed pledge documentation and evidence that the proposed security is available for first-ranking security in favour of Ahlibank.]
• No specific personal, corporate or cross-corporate guarantee, undertaking or other support is identified in the term sheet. [Analyst to confirm: proposed guarantees, undertakings and ranking of security.]
• Top-up and liquidation procedures, including notification, cure periods, valuation frequency and the Bank’s right to liquidate, should be documented before utilisation.

• Audited annual financial statements to be submitted within [Analyst to confirm: policy deadline] after each financial year-end, together with any interim reporting required by the Bank.
• The borrower and relevant support providers should maintain adequate reserves and liquidity to meet all obligations, margin calls, fees, taxes and costs associated with the facility. [Analyst to confirm: minimum reserve or liquidity amount.]
• Cross-default to apply to material financial indebtedness of the borrower and relevant obligors, subject to agreed thresholds and cure periods. [Analyst to confirm: thresholds and drafting.]
• KYC, beneficial ownership, sanctions and eligibility requirements must remain satisfactory throughout the facility tenor; the account is stated to be a new account to be opened (Source: application form).
• Facility: Demand Loan of USD 10,000K, equivalent to QAR 36,500K; tenor 25 years with availability of two years (Source: application form).
• Pricing: 3M SOFR plus 2.75%, with maximum all-in pricing of 2.78%; commitment fee 0.50%, management fee 0.25% and prepayment fee 1.00% (Source: application form).
• Governing law: Qatari law. Regulatory prerequisite: QCB approval for FX lending (Source: application form).
• [Analyst to confirm: final risk rating, refinance carve-out, financial covenant package and all remaining commercial terms.]

• Establish a debt service reserve account or equivalent liquidity support acceptable to the Bank. [Analyst to confirm: required DSRA amount, funding date, permitted investments and release mechanics.]
• No side letters, waivers or amendments affecting repayment, ranking, security or financial obligations should be issued without the Bank’s prior written approval. [Analyst to confirm: whether any side letters are contemplated.]
• The borrower must maintain the pledged collateral within the agreed LTV parameters, provide top-up collateral when LTV reaches 75% and permit liquidation when LTV reaches 85%, subject to documented valuation and enforcement procedures (Source: application form).
• Liquidation proceeds should be applied first to enforcement costs and then to all amounts due to Ahlibank, with any surplus dealt with in accordance with applicable law and the facility documents. [Analyst to confirm: proposed waterfall and treatment of any shortfall.]
• The facility should rank at least pari passu with the borrower’s other unsecured and unsubordinated financial obligations, except for obligations mandatorily preferred by law. [Analyst to confirm: final ranking and any permitted priority security.]
• [Analyst to confirm: minimum DSCR, interest-cover, leverage, current-ratio and collateral concentration covenants, noting that FY2025 DSCR is recorded as 0.40x and security coverage as weak against the bank threshold (Source: application form).]

• The borrower is identified in the financial information as Salam International Investment Limited Q.P.S.C. (Source: SIIL Console FS 2025_EN_Signed.pdf, p.3). The application identifies the group as Salam Holdings and the account as a new account to be opened (Source: application form).
• The borrower’s licence, domicile, industry classification and incorporation details are not provided. [Analyst to confirm: commercial registration, licence, registered office, incorporation date and licensed activities.]
• Shareholding, ultimate beneficial ownership and the ownership relationship between Salam International and Salam Holdings have not been provided. [Analyst to confirm: current shareholding chart, UBO information and group structure.]
• The financial statements identify the entity as a consolidated group and disclose balances involving related parties, associates and joint ventures. FY2025 net due from related parties was QAR 312,733K after an allowance of QAR 80,033K (Source: SIIL Console FS 2025_EN_Signed.pdf, p.60).
• Management is represented in the supplied interim information by Abdul Salam Issa Abu Issa, Chief Executive Officer and Board Member, and Hekmat Abdel Fattah Younis, Chief Financial Officer (Source: SIIL English FS Sep 2025.pdf, p.4).
• Detailed management biographies, tenure, experience, succession arrangements and governance information are not available. [Analyst to confirm: management profiles, board composition and authorised signatories.]

• The borrower’s industry and licensed activities are not stated in the application or document pack. [Analyst to confirm: principal business sectors, operating segments and relevant regulatory framework.]
• The financial information indicates revenue streams from contracts with customers, sale of goods, services, contract revenue and real estate revenue (Source: SIIL FS Q1-2026 English.pdf, p.21; Source: SIIL -HY 2026-English Signed.pdf, p.5).
• Qatar represented approximately 80% of revenue from contracts with customers in 6M 2025, indicating material domestic market concentration (Source: SIIL Group FS -EN 30 June 2025.pdf, p.23).
• Reported sector and operating risks include geopolitical developments in the Middle East, including Qatar, with potential implications for the sectors in which the Group operates (Source: SIIL -HY 2026-English Signed.pdf, p.28).
• The Group also has material exposure to investment properties. Investment properties of QAR 2,343,675K represented approximately 50% of total assets at FY2025, and valuation was identified as a key audit matter (Source: SIIL Console FS 2025_EN_Signed.pdf, p.4).
• The industry outlook, competitive position, demand drivers, regulatory environment and guarantor outlook cannot be assessed without confirmed operating-sector and group information. [Analyst to confirm: sector outlook, principal competitors, business drivers, key customers, supplier concentration and financial capacity of any guarantor.]

• FY2025 revenue increased 10.8% to QAR 1,866,204K from QAR 1,683,946K in FY2024, while net profit increased to QAR 102,343K from QAR 54,913K (Source: SIIL FS March English 2025.pdf, p.4). The reported FY2025 net margin was 5.5% (Source: application form).
• Gross profit increased to QAR 502,853K from QAR 467,943K, although the gross margin declined to approximately 26.9% from 27.8% (Source: SIIL Console FS 2025_EN_Signed.pdf, p.4).
• At FY2025, total assets were QAR 4,689,477K, including current assets of QAR 1,547,938K, cash and bank balances of QAR 265,465K, receivables of QAR 382,958K, inventory of QAR 285,654K and investments of QAR 106,286K (Source: SIIL FS Q1-2026 English.pdf, p.3).
• Total liabilities were QAR 2,913,442K and total debt QAR 2,333,695K, against net worth of QAR 1,776,035K and tangible net worth of QAR 1,712,032K (Source: SIIL FS Q1-2026 English.pdf, pp.3–4). The application records leverage of 1.70x as acceptable (Source: application form).
• FY2025 operating cash flow was QAR 194,653K against reported debt service of approximately QAR 676,999K, resulting in a weak recorded DSCR of 0.40x (Source: SIIL Group FS -EN 30 June 2025.pdf, p.12; Source: application form).
• Related-party balances remain material: net due from related parties was QAR 312,733K at FY2025 after an allowance of QAR 80,033K (Source: SIIL Console FS 2025_EN_Signed.pdf, p.60).

No guarantor has been identified in the provided application materials; accordingly, a standalone guarantor analysis cannot be completed. [Analyst to confirm: guarantor identity, legal relationship to the borrower, audited financial statements, net worth, contingent liabilities and enforceable guarantee terms.]

The available financial information relates to Salam International Investment Limited Q.P.S.C. Revenue increased from QAR 1,683,946 (000s) in FY2024 to QAR 1,866,204 (000s) in FY2025, while net profit increased from QAR 54,913 (000s) to QAR 102,343 (000s). (Source: SIIL FS March English 2025.pdf, p.4) The FY2025 revenue increase was accompanied by gross-margin compression, with gross profit of QAR 502,853 (000s) on FY2025 revenue. (Source: SIIL FS March English 2025.pdf, p.4)

Total assets increased from QAR 4,532,487 (000s) at FY2024 to QAR 4,689,477 (000s) at FY2025, while net worth increased from QAR 1,709,284 (000s) to QAR 1,776,035 (000s). (Source: SIIL FS Q1-2026 English.pdf, p.3; Source: SIIL FS Q1-2026 English.pdf, p.4) Funding remains debt-dependent: total debt was QAR 2,333,695 (000s) at FY2025, and FY2025 operating cash flow of QAR 194,653 (000s) was materially below reported debt service of QAR 676,999 (000s). (Source: SIIL FS Q1-2026 English.pdf, p.4; Source: SIIL Group FS -EN 30 June 2025.pdf, p.12) The proposed facility should therefore not rely on guarantor support until the above information is obtained and assessed.

No bank statements have been uploaded; therefore, account conduct, turnover, payment performance, returned items, utilisation patterns and cash-flow behaviour cannot be independently assessed. [Analyst to confirm: banking relationship, account history, average balances, credits and debits, overdraft usage, returned payments and any adverse conduct.]

The request is for a new account to be opened, and the stated purpose is to construct a new facility for Consumers. (Source: application form) Consequently, there is no established Ahlibank account conduct available for review. Profitability analysis is based on the submitted financial statements rather than bank-account evidence. FY2025 revenue was QAR 1,866,204 (000s) and net profit was QAR 102,343 (000s). (Source: SIIL FS March English 2025.pdf, p.4) The application records a FY2025 net margin of 5.5% as GOOD, revenue growth of 10.8% as GOOD and interest coverage of 2.37x as ACCEPTABLE. (Source: application form)

The application also records FY2025 DSCR of 0.40x as WEAK, indicating that repayment capacity requires particular reliance on verified liquidity, asset realisation or other documented sources rather than demonstrated account cash flow. (Source: application form)

No QCB or Credit Bureau report has been uploaded. Accordingly, no findings can be reported on existing borrowings, payment history, returned cheques, legal actions, guarantees, connected exposures, classification status or other bureau indicators. (Source: application form)

[Analyst to confirm: obtain and review the latest QCB report and Credit Bureau report for the borrower, all obligors, guarantors and relevant related parties, and confirm that the reports are satisfactory and consistent with the application.]

The absence of bureau information is material because the submitted financial statements show substantial indebtedness. Total debt was QAR 2,269,365 (000s) at FY2025, while current liabilities were QAR 965,765 (000s). (Source: SIIL FS Q1-2026 English.pdf, p.4) The FY2025 audited statements also identify debt service of approximately QAR 676,999 (000s against operating cash flow of QAR 194,653 (000s). (Source: SIIL Group FS -EN 30 June 2025.pdf, p.12) These figures should be reconciled to the bureau results and lender confirmations before the committee considers the request.

• Primary source: [Analyst to confirm: the borrower’s documented repayment source, including recurring income or cash flows attributable to the proposed consumer-related facility.] No verified bank-statement evidence or borrower-specific repayment schedule has been provided. The application records FY2025 DSCR of 0.40x as WEAK. (Source: application form)
• Secondary source: Orderly liquidation of the proposed pledged securities or fund units, subject to receipt of enforceable collateral documentation, independent valuation, confirmation of ownership and liquidity, and compliance with the stated 70% LTV cap, 75% top-up trigger and 85% liquidation trigger. (Source: application form)
• The application records security coverage of 143% as WEAK, notwithstanding the stated LTV cap. (Source: application form) No collateral documentation has been uploaded. (Source: application form)
• Pari passu: [Analyst to confirm: whether the proposed facility will rank pari passu with existing secured or unsecured obligations, and whether any prior-ranking security, negative pledge, intercreditor or subordination arrangements apply.]

• The proposed risk rating is not populated in the application. [Analyst to confirm: proposed internal risk rating and applicable rating methodology.] (Source: application form)
• The borrower demonstrates scale and positive earnings, with FY2025 revenue of QAR 1,866,204 (000s) and net profit of QAR 102,343 (000s). (Source: SIIL FS March English 2025.pdf, p.4)
• Revenue growth of 10.8%, profitability of 5.5% net margin and interest coverage of 2.37x are recorded as GOOD, GOOD and ACCEPTABLE, respectively. (Source: application form)
• Credit strengths are offset by weak debt service capacity: FY2025 DSCR is recorded at 0.40x, while FY2025 operating cash flow was QAR 194,653 (000s) against reported debt service of approximately QAR 676,999 (000s). (Source: application form; Source: SIIL Group FS -EN 30 June 2025.pdf, p.12)
• Total debt of QAR 2,269,365 (000s) and material related-party receivables increase leverage and recoverability risk. (Source: SIIL FS Q1-2026 English.pdf, p.4; Source: SIIL Console FS 2025_EN_Signed.pdf, p.60)
• The rating assessment remains subject to satisfactory QCB/Credit Bureau reports, collateral verification, repayment-source confirmation and identification of any guarantor.

1. The request is for a USD 10,000K demand loan, equivalent to QAR 36,500K at the stated parity, with a 25-year tenor and two-year availability period. (Source: application form)
2. The borrower has demonstrated FY2025 revenue growth and positive profitability; however, reported FY2025 DSCR of 0.40x is WEAK and operating cash flow was materially below reported debt service. (Source: application form; Source: SIIL Group FS -EN 30 June 2025.pdf, p.12)
3. The proposed risk is further affected by high leverage, material related-party receivables, existing security over investment properties and contingent obligations. (Source: SIIL FS Q1-2026 English.pdf, p.4; Source: SIIL Console FS 2025_EN_Signed.pdf, p.60; Source: SIIL -HY 2026-English Signed.pdf, pp.16, 23)
4. No bank statements, QCB/Credit Bureau reports or collateral documents have been uploaded. The primary repayment source and any guarantor support also remain unconfirmed. (Source: application form)
5. Any consideration should therefore be subject to satisfactory bureau and conduct checks, confirmation of repayment capacity, enforceable perfection of the pledged collateral, independent valuation, compliance with the stated margin triggers, confirmation of ranking and pari passu position, and receipt of any required QCB approval for FX lending. (Source: application form)

The facility is proposed for the committee’s consideration, subject to satisfactory completion of the above confirmations and conditions precedent; no approval is implied.

Salam International Investment Limited Q.P.S.C.’s publicly reported dividend record for the ten completed calendar years 2016–2025 is shown below. The figures represent cash dividends per share in QAR, based on the year in which the dividend was declared or paid; 2026 is excluded because it is not a completed year. The company’s 2025 dividend of QAR 0.06 per share was approved at the AGM held on 29 March 2026 and is therefore not included in the ten-year period. Salam International 2025 financial statements MarketScreener dividend history

The dividend profile is not stable over the full period. Payments were high in 2016–2017, followed by a five-year suspension from 2018 to 2022. Dividends resumed in 2023 and increased to QAR 0.04 per share in 2024, but remained unchanged in 2025. This indicates a discretionary and earnings-sensitive distribution policy rather than a consistently progressive dividend stream. The 2026 payment of QAR 0.06 per share represents an improvement, but its sustainability cannot be assessed from the dividend history alone.