Dubai: Abu Dhabi Islamic Bank (ADIB) on Tuesday said it had arranged a syndicated Dh1.14 billion Islamic financing deal for the Majid Al Futtaim (MAF) Group.

ADIB acted as the initial mandated lead arranger, sole bookrunner, investment bank and security agent bank for the deal. Other banks that participated in the financing deal include Al Khaliji Commercial Bank as mandated lead arranger, Al Hilal Bank, First Gulf Bank and United Arab Bank as lead arrangers and Ajman Bank as arranger. In addition Clifford Chance LLP was the syndicate's counsel and Norton Rose was MAF counsel.

Tirad Mahmoud, CEO of ADIB said: "We are pleased to lead the largest Islamic structured syndication in Dubai in 2010. This is a significant milestone as it is the first Islamic deal for MAF. The deal was extremely well received in the market and was upsized by 15 per cent due to strong demand.

"The financing of one of the leading GCC corporations represents our continuing commitment to the growth and development of the UAE as we continue to invest in its expansion. This transaction is further proof that ADIB has built a world-class corporate finance and investment banking organisation with a full suite of Islamic corporate finance, investment and equity solutions."