Dubai: Noor Bank said it has successfully closed an Dh850 million syndicated Islamic financing facility for Ajman Bank.
The two-year Shari’a compliant facility shall be utilised towards Ajman Bank’s future growth plans, Noor Bank said in an emailed statement.
“2016 has been another strong year for Noor Bank, with our syndications and capital markets deals reinforcing our leadership position. Ajman Bank entrusting Noor Bank with another syndication, is testament to our service quality and the relationship among the two institutions,” Hussain Al Qemzi, CEO, Noor Bank, said in a statement.
“We would like to thank Ajman Bank, as well as all our partner banks, who worked closely with us to ensure the successful closure of the transaction,” Al Qemzi said.
Noor Bank, a leading Shari’a compliant bank in UAE, was mandated for the second time to act as the Initial Mandated Lead Arranger and Bookrunner for this transaction. Dubai Islamic Bank, First Gulf Bank, Sharjah Islamic Bank, The Arab Investment Company and Warba Bank joined the deal as Mandated Lead Arrangers, while National Bank of Bahrain participated as an Arranger.
“The syndicated Islamic financing agreement underscores Ajman Bank’s commitment to constantly improve our banking facilities. The value in this framework of cooperation with involved parties confirm our strong market positioning,” Mohammad Amiri, CEO, Ajman Bank, stated.
