DIB leads USD 1 bn Islamic financing facility for Pakistan: Dubai Islamic Bank (DIB) led a consortium securing a five-year USD 1 bn syndicated term-finance facility for the Pakistani government, according to a press release.

The details: The transaction features a USD 890 mn Islamic tranche structured as a commodity Murabaha. The facility benefits from a partial guarantee by the Asian Development Bank (ADB), representing the first policy-based assurance issued by ADB for Pakistan.

The facility marks Pakistan’s return to the Islamic finance market after a two-year hiatus, the statement said.

ADVISORS- DIB served as sole Islamic global coordinator for the transaction, with Standard Chartered acting as joint mandated lead arranger. Abu Dhabi Islamic Bank, Ajman Bank, Sharjah Islamic Bank, and Pakistan’s Habib Bank Limited were also arrangers.

DIB has been on a roll: DIB and Emirates NBD also inked a USD 175 mn Murabaha financing agreement with Turkish low-cost retail giant A101 last month. The move will see the Dubai lenders extend a five-year Islamic loan to A101 to support its expansion drive in Turkey.

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