{"id":91106,"date":"2024-04-19T00:00:00","date_gmt":"2024-04-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/emirates-islamic-closes-usd-500-mn-murabaha-loan\/"},"modified":"2024-04-19T00:00:00","modified_gmt":"2024-04-19T00:00:00","slug":"emirates-islamic-closes-usd-500-mn-murabaha-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/19\/emirates-islamic-closes-usd-500-mn-murabaha-loan\/","title":{"rendered":"Emirates Islamic closes USD 500 mn Murabaha loan"},"content":{"rendered":"

Dubai-based <\/strong>Emirates Islamic Bank<\/a><\/strong> has closed its first syndicated commodity<\/strong> Murabaha financing facility<\/strong>, a USD 500 mn Sharia-compliant loan with a three-year tenor, the lender said in a statement<\/a>. The financing facility is \u201cthe first of its kind\u201d to be raised by an Islamic bank, according to Emirates Islamic.<\/p>\n

Where the funds are going:<\/strong> The lender will earmark the proceeds to support its Islamic financing services for corporations. <\/p>\n

SOUND SMART-<\/strong> Murabaha financing is a sales contract-like structure that allows clients to purchase goods at a pre-agreed margin.<\/p>\n

ADVISORS<\/strong>- Emirates NBD, HSBC Middle East, and Standard Chartered Bank served as joint global coordinators, mandated lead arrangers and bookrunners.<\/p>\n

\n

IN OTHER DEBT NEWS-<\/p>\n

Three Emirati lenders advise on Turkish bank\u2019s USD 1.7 bn loan: <\/strong>Abu Dhabi Commercial Bank (ADCB), Emirates NBD, and First Abu Dhabi Bank (FAB) advised on a one-year sustainability loan worth USD 1.7 bn for Turkey\u2019s state-owned Ziraat Bank<\/a>, Bloomberg<\/a> reports, citing a statement from the bank. ADCB and Emirates NBD acted as coordinators and bookrunners, while FAB and Emirates NBD joined as ESG coordinators, alongside Standard Chartered Bank and Japanese Sumitomo Mitsui Banking. The bank secured the credit package with the participation of a total of 70 lenders, 21 of which had participated in a previous USD 1.29 bn loan raised in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bank will use the funds to expand its Islamic financing services<\/p>\n","protected":false},"author":1,"featured_media":91107,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[68,260,212],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-emirates-nbd","tag-fab","wpautop","entry"],"acf":{"mongo_id":"fcd02391-dc6b-43f0-8873-f6661a3eb849","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/545.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Emirates Islamic closes maiden USD 500 mn Shariah-compliant loan","related_issue":[91095],"teaser":"The bank will use the funds to expand its Islamic financing services","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.b80d9f37-e3ab-4720-9546-0c60548ce6b4.mp3"},"yoast_head":"\nEmirates Islamic closes USD 500 mn Murabaha loan - 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