- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:53 06:07 12:12 15:35 18:11 19:25
Unicorn Investment Bank has closed a $125 million (Dh459m) three-year syndicated commodity Murabaha facility arranged on its behalf by Dubai Bank and Raiffeisen Zentralbank, who are the initial mandated lead arrangers, co-underwriters and joint bookrunners.
Dubai Bank is acting as facility agent and Dawnay, Day & Company is the commodity supplier.
“The facility, which was launched at $100m was significantly oversubscribed, attracting a great deal of interest from financial institutions across Europe, the Middle East and Asia,” said a statement. Fifty per cent of subscriptions were from non-GCC financial institutions, with 10 per cent originating from Asia. Of the total amount raised, almost 25 per cent was placed with Islamic investors.
Funds raised will be used for corporate purposes in support of Unicorn’s business plan and growth model. Commenting on the transaction, David Pace, Unicorn’s Chief Financial Officer, said: “The overwhelming success of this syndication and the participation of such a broad range of institutions attest to the growing international importance of Islamic finance.”
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