DUBAI: Ajman Bank, a UAE-based, Sharia-compliant lender, is raising a $205 million (Dh752.4 million) Islamic syndicated loan, banking sources said on Tuesday. The loan, which has a two-year maturity and a murabaha format, will be completed imminently, the sources said, with one saying it would close as soon as Wednesday.
Ajman Bank did not respond immediately to a request for comment.
The loan is backed by lenders including Noor Bank, which is investment agent and bookrunner, and Dubai Islamic Bank, the sources said.
Ajman Bank raised $155 million through another two-year murabaha loan in March last year and an additional $200 million three-year syndicated Islamic debt facility in January 2015.
