ABC Islamic closes $100m financing

MANAMA: ABC Islamic Bank has successfully closed syndication for a $100 million, three-year syndicated revolving murabaha financing facility on behalf of Munshaat Real Estate Projects Company.

"AREF Investment Group, original shareholders of Munshaat, is a much-valued client of ABC Group and arranging this facility for Munshaat builds further on that excellent relationship," said ABC Islamic Bank chairman, deputy chief executive and chief banking officer Abdulmagid Breish.

He also extended his thanks to all the participating banks for their support.

This is the debut syndication for Munshaat and the funds will be used to finance development of prime properties in the Haram area in Makkah and Madinah.

In the senior syndication BNP Paribas, Emirates Bank International and the Saudi British Bank joined the facility as mandated lead arrangers.

At the general syndication stage, Abu Dhabi Islamic Bank PJSC and Libyan Foreign Bank joined as senior lead arrangers and Arab Islamic Bank and Banque BIA as co-lead arrangers.