Bank : Sarasin-Alpen arranges $120 million Murabaha financing facility for Noor Islamic Bank
Dubai Bank Sarasin-Alpen (ME) Limited, a subsidiary of Bank Sarasin & Co. Ltd, a leading Swiss private bank, yesterday said it has arranged a $120 million (Dh440 million) Murabaha financing facility for Noor Islamic Bank PJSC.
The finance facility which has been funded by Bank Sarasin & Co. Ltd, Switzerland has been designed to fund Noor Islamic Bank's future investments and balance sheet management.
The signing ceremony was held on May 4 at the Noor Islamic Bank head office and attended by senior management members from Bank Sarasin-Alpen and Noor Islamic Bank.
Rohit Walia, executive vice-chairman and CEO of Sarasin-Alpen and Alpen Capital Group, said, "We value our relationship with Noor Islamic Bank and are happy to play a role in its development. We are delighted that we were able to structure such an innovative transaction for them."
Hussain Al Qemzi, group chief executive of Noor Islamic Bank PJSC said: "We are pleased to have concluded this finance facility with Bank Sarasin and Alpen Capital.
We look forward to working with them in other areas where their value added services would benefit our institution, our customers as well as our stakeholders."
The Sarasin Group is incorporated in the Middle East and India as Sarasin-Alpen. Bank Sarasin-Alpen was established in the Dubai International Financial Centre in 2005 and provides all private banking services of the Sarasin Group.
It operates in all its locations along with its investment banking associate — Alpen Capital which provides corporate advisory services such as equity advisory, debt advisory, mergers and acquisitions advisory and credit ratings advisory.
Both organisations function through a simple but successful model, complementing each other in services.
