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MENA Financial Directory
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Quick Poll
Are Takaful companies likely to see significant writedowns in 2010 as a result of real estate investments?
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Islamic Finance
Syndicated revolving Murabaha financing facility closed
ABC Islamic Bank in $100 million general syndication for Kuwait’s Munshaat
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| The funds will be used to finance development of prime properties in the Haram area in Mecca and Medina. |
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ABC Islamic Bank, the initial mandated lead arranger and bookrunner, has successfully closed syndication for a $100 million, three-year syndicated revolving Murabaha financing facility on behalf of Munshaat Real Estate Projects Company.
This is the debut syndication for Munshaat and the funds will be used to finance development of prime properties in the Haram area in Mecca and Medina.
In the senior syndication BNP Paribas, Emirates Bank International PJSC and Saudi British
Bank joined the facility as mandated lead arrangers.
At the general syndication stage, Abu Dhabi Islamic Bank and Libyan Foreign Bank joined as senior lead arrangers and Arab Islamic Bank and Banque BIA as co-lead arrangers.
The summary of the facility is as follows:
Beneficiary: Munshaat Real Estate Projects Company;
Amount: $100 million;
Facility type: Revolving Murabaha financing facility;
Purpose: Financing of prime properties in Mecca and Medina;
Term: Three years;
Repayment: Amortising with semi annual repayments, commencing one year from
Drawdown.
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