UAE's Ajman Bank said to be finalising $205m Islamic loan

Banking sources say the loan has a two-year maturity and a murabaha format, will be completed imminently
UAE's Ajman Bank said to be finalising $205m Islamic loan
By Reuters
Tue 18 Oct 2016 02:01 PM

Ajman Bank, a United Arab Emirates-based, sharia-compliant lender, is raising a $205 million Islamic syndicated loan, banking sources said on Tuesday

The loan, which has a two-year maturity and a murabaha format, will be completed imminently, the sources said, with one saying it would close as soon as Wednesday.

Ajman Bank did not respond immediately to a request for comment.

The loan is backed by lenders including Noor Bank, which is investment agent and bookrunner, and Dubai Islamic Bank , the sources said.

Ajman Bank raised $155 million through another two-year murabaha loan in March last year and an additional $200 million three-year syndicated Islamic debt facility in January 2015.

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