Manama, Bahrain: Bahrain-based ABC Islamic Bank is pleased to announce the launch of general syndication for a US$100 million 5-year amortizing syndicated revolving Murabaha financing facility for International Leasing & Investment Company, Kuwait (ILIC) (the “Facility”). The Facility has been fully underwritten by ABC Islamic Bank.
Prior to launch of general syndication, ABC Islamic Bank (the Initial Mandated Lead Arranger and Bookrunner) has been joined by Boubyan Bank, Gulf International Bank B.S.C., The Islamic Bank of Asia and Raiffeisen Zentralbank Österreich Aktiengesellschaft as Mandated Lead Arrangers.
About ILIC & ABC Islamic Bank
ILIC is a Kuwaiti shareholding company established in 1999. It is listed on the Kuwait Stock Exchange with a paid up capital of US$95 million. ILIC enjoys a strong shareholding which includes the Islamic Development Bank, AREF Investment Group and Kuwait Awqaf Public Foundation, with the remaining equity being held by the general public.
A leading player in the leasing sector in Kuwait and internationally, ILIC operates in accordance with Islamic Shari’a principles. The company is regulated by the Central Bank of Kuwait, Kuwait Stock Exchange and the Ministry of Commerce. For the year ended December 31, 2006, ILIC reported consolidated total assets of US$487.8 million and a net income of US$76 million, a 21% rise over the previous year.
ABC Islamic Bank, a subsidiary of Bahrain-headquartered Arab Banking Corporation, has been engaged in Islamic banking activities since 1998. ABC Islamic is supported by the ABC Group’s global network which includes ABC IB Islamic Asset Management in London.