Dubai – Mubasher: Emirates Islamic Bank (EIB) on Monday announced that it completed a $200 million syndicated Murabaha term financing for Ajman Bank.
Al Hilal Bank, Dubai Islamic Bank, and Sharjah Islamic Bank joined the transaction as initial mandated lead arrangers and bookrunners alongside EIB, the bank said in a press release.
The Sharia-compliant financing carries a two-year tenor, the bank added, noting that it played a key role in coordinating the deal.
“The positive response to the deal is a testimony to the overall growth of the UAE economy,” Jamal Bin Ghalaita, CEO of Emirates Islamic, said.
“The transaction was coordinated and smoothly executed in a record timing of under three weeks which demonstrates the cooperation and close relationship among Islamic institutions in the UAE,” Bin Ghalaita continued.
“The resources garnered through the deal are in line with the bank's strategy to diversify its additional funding sources required for pursuing the asset growth plans,” Ajman Bank’s CEO Mohammed Amiri commented.
“The remarkable success of this syndication, particularly given the challenging financial environment, is a definite endorsement of Ajman Bank's track record, financial position and growth prospects,” Amiri added.
