Islamic facility was arrange for a reputed oil services company
Dubai’s Noor Bank , Qatar Islamic Bank ( QIB ) and Kuwait’s Warba Bank , the mandated lead arrangers, announced closure of a $155 million (Dh569 million) Shariah-compliant receivable backed syndicated financing facility for a UAE-based Jafza entity, said a press statement on Wednesday.
Noor Bank acted as lead arranger and book runner for the facility besides its role as the account bank, documentation bank, sharia coordinator, as well as investment and security agent. The facility was designed to refinance existing debt and finance the company’s future capital expenditure.
The statement said the loan was arranged for a reputed oil services company.
Hussain Al Qemzi, Group CEO, Noor Investment Group, and CEO Noor Bank , said: “Islamic financing is asset-backed, which delivers greater security to the obligor and financiers. We are pleased to have led the facility that allows us to support our obligor in achieving its financial goals. On the other hand, working with our partners, QIB and Warba Bank , has once again enabled us to benefit from the vast potential that the regional market holds. The synergy has also contributed to the development of a sustainable economic model and the growth of the Islamic economy within the Middle East.”
Originally published on www.zawya.com