Published: February 11, 2013
Qatari institution signs US$95mn Islamic arrangement.
Islamic banking group Al Jazeera Finance has agreed a 3-year, US$95mn syndicated loan. The Murabaha arrangement, involving a group of Gulf Cooperation Council banks, is the first syndicated loan deal to be carried out by the group.
QInvest acted as sole bookrunner and structuring advisor, with Qatar Islamic Bank taking the mandated lead arranger and investment agent roles. Ahli United Bank, First Gulf Bank UAE and QInvest were additional lead arrangers.
Amir Al Jabri, CEO of Al Jazeera Finance, said that the deal was part of an effort to diversify sources of funding and cultivate a wider range of banking relationships.