Dubai – Mubasher: Noor Bank has granted the approval to swap a $100 million loan provided by the sharia-compliant lender to the Abraaj Group for stakes in some the troubled private equity company’s funds.
The court that oversees the liquidation of Abraaj in the Cayman Islands has approved the loan swap request presented by the state-owned Emirati bank.
“Noor Bank will hold the stakes alongside other investors and limited partners. The lender may eventually be able to recover more than it lent to Abraaj when the assets in the funds are sold,” informed sources told Bloomberg.
Abraaj has collapsed following a group of money-misuse allegations led the company to liquidation.
