ABC Islamic Bank (the Initial Mandated Lead Arranger and Bookrunner) has successfully closed syndication for a US$100 million, 3-year Syndicated Revolving Murabaha Financing Facility on behalf of Munshaat Real Estate Projects Company K.S.C. (Closed). The signing ceremony held at Arab Banking Corporation’s headquarters in Bahrain was attended by senior representatives of Munshaat, ABC Islamic Bank and participating banks. At the signing ceremony, Mr. Bader Bu Rashed, Chairman of Munshaat elaborated on the unique market niche and the performance of the company.
Mr. Abdulmagid Breish, Chairman ABC Islamic Bank and Deputy Chief Executive and Chief Banking Officer of ABC said, “AREF is a much-valued client of ABC Group and arranging this facility for Munshaat builds further on that excellent relationship.” 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 PJSC 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.© 2008 Mena Report (www.menareport.com)
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