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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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