ABC Islamic Bank has been appointed as sole mandated arranger for the International Leasing & Investment Company (ILIC)’s US$100 million five-year, amortizing, revolving Murabahah.
“The syndication will be available to regional and international banks, once announced in the coming week,” Farukh Zaheer, head of syndications for ABC, revealed to Islamic Finance news.
Dr Khaled Al Hajeri, chairman and CEO of ILIC, commented: “ILIC is already a US$500 million plus financial institution with its main focus on lease financing in its target markets around the world. ILIC believes that diversity in its funding sources is of paramount importance and in the interest of its shareholders and business partners.”
The transaction is set to propel ABC’s stand in the Islamic market, and fortify relations with ILIC.