Abu Dhabi Islamic Bank (Adib) will provide Dh275 million ($75 million) syndicated Islamic financing facility to JBF RAK, a subsidiary of JBF Industries.

This marks the debut Islamic finance facility for JBF RAK, a specialist polymer manufacturer focused on PET polymer resin chips (chips) and BOPET film products (films). It is a leader in the Middle East region with a market share of over 20% in chips and film products.

The financing will be used to expand JBF RAK production in Ras Al Khaimah including the purchase of new machinery and equipment and to optimize its debt profile by introducing Islamic term funding.

JBF RAK is a subsidiary of JBF Industries, a global industry leader, specialized in the manufacturing of polyester chips. JBF Industries is listed in India and its products cater to the textile manufacturing industry, PET bottle manufacturing and polyester film manufacturing industries.

Adib acted as initial Mandated Lead Arranger, Sole Bookrunner, and Investment and Security Agent Bank for the deal while National Bank of Fujairah acted as Mandated Lead Arranger.

Tirad Mahmoud, CEO of Adib, said: "We are pleased to deepen our relationship with JBF RAK further. Providing this customized Islamic Financing solution will help it optimize its funding and meet long term strategic objectives. This transaction confirms Adib's experience in structuring Islamic Finance Facilities and Sukuk transactions, through its dedicated and experienced team”.