Emirates Islamic completes USD 200 million Syndicated Murabaha Financing for Ajman Bank
October 11, 2017
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced the successful completion of a USD 200 million Syndicated Murabaha term financing for Ajman Bank PJSC, a leading Islamic bank in the UAE.
Al Hilal Bank, Dubai Islamic Bank and Sharjah Islamic Bank joined the transaction as Initial Mandated Lead Arrangers & Bookrunners alongside Emirates Islamic. Emirates Islamic played a key role in coordinating the financing which carries a two year tenor.
Jamal Bin Ghalaita, CEO of Emirates Islamic said, “We are delighted to support Ajman Bank and add this transaction into our growing portfolio of significant financing deals, strengthening our credentials as a lead arranger for structured and syndicated financing. The positive response to the deal is testimony to the overall growth of the UAE economy. 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.”
Ajman Bank’s CEO, Mohammed Amiri commented: “The participation by the Islamic financial institutions in the syndicated facility affirms the strong position of Ajman Bank and the solidarity amongst Islamic banks in the UAE. This confirms the trust and reputation of Ajman Bank backed by the resilient and robust economy of UAE. 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.
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.