Qatari firm Barwa Real Estate Company, has raised $175m through an Islamic loan from International Bank of Qatar to refinance its existing debt. Around 45% of Barwa Real estate's shares are owned by Qatari Diar – the real estate developer owned by Qatar's sovereign wealth fund. Barwa Real estate is listed on the Qatar Stock Exchange. The sharia-compliant loan will last for seven years from the date that the company draws down on the facility, the firm said in a stock exchange filing. In an effort to refinance its current debt obligations, Barwa Real Estate intends to increase the lifespan of the maturities on the best available terms, as part of its five-year business plan running between 2016 and 2020. As Qatar's largest listed developer, Barwa Real Estate reported more than doubling its fourth quarter net profit in March this year, as well as an improved dividend payout for the full year.