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Thu 13 Dec 2007 10:57 AM

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Zain signs $1.2bn Islamic loan

Operator agrees with egional and international lenders to refinance existing debt for same amount.

Kuwaiti operator Zain agreed a $1.2 billion Islamic loan with seven regional and international lenders to refinance existing debt for the same amount, the Kuwait bourse said on Thursday.

The loan, which complies with Islamic principles, is for one year and expires in December next year, the exchange said on its Web site. It replaces a similar-sized loan which matures this month.

The exchange did not identify the banks or give details about the terms of the loan. (Reuters)

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