Ajman Bank obtains Dh734m loan

Local and regional Islamic banks participated in Ajman Bank’s dual tranche facility. (File)

Shariah-compliant Ajman Bank has signed a syndicated facility of $200 million (Dh734m) that was arranged by Abu Dhabi-based Al Hilal Bank, said a press release.

The proceeds of the three-year facility would be utilised by the bank for investment purposes.

The dual tranche (Murabaha/Wakala Islamic structures) facility saw participation of local and regional Islamic banks.

The syndicated facility signing deal was signed by Mohamed Amiri, Ajman Bank’s CEO; Mohamed Jamil Berro, Al Hilal Bank CEO, Mohamed Abdalla, Sharjah Islamic Bank’s CEO; Abdulla Showaiter,
Emirates Islamic Bank Deputy CEO; and Ali Akbar Khan, Qatar Islamic Bank AGM & Head of Financial Institutions.

Al Hilal Bank acted as the Mandated Lead Arranger, Book runner and Investment Agent for syndication with participation from Emirates Islamic Bank, Sharjah Islamic Bank and Qatar Islamic Bank .

Mohamed Amiri said the 3-year loan deal saw participant of banks such as Emirates Islamic Bank, Sharjah Islamic Bank and Qatar Islamic Bank.

Akram Khan, EVP & Group Head of Wholesale Banking, said: "This medium term funding comes at an opportune time to support the robust pipeline of wholesale/corporate financing deals in 2015 and also helps in our asset/liability matching."
 

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