Bahrain Islamic Bank B.S.C. (BISB) has successfully closed a debut US$101 million 1-year Syndicated Murabaha Financing Facility. The Facility, which will be used for general funding purposes, was signed on 20th September 2017. Bahrain-based Bank ABC acted as the sole Bookrunner and Coordinator of this facility.
The Facility was initially launched for US$50 million, and following strong interest from the market, BISB decided to utilise the significant over-subscription to increase the Facility size to US$101 million. A total of eight banks from the GCC and Europe participated in this transaction including Bank ABC Islamic, Boubyan Bank K.S.C.P., Dubai Islamic Bank PJSC, Emirates Islamic, Sharjah Islamic Bank, National Bank of Ras Al Khaimah (P.S.C.), The Islamic Corporation for the Development of the Private Sector, Federated Project and Trade Finance Tender Fund, and Federated Project and Trade Finance Core Fund.
Speaking at the signing ceremony, Bahrain Islamic Bank’s Chief Executive Officer, Mr. Hassan Jarrar, stated: “We are pleased with the positive response from our partner banks in Bahrain, the region and Europe.”
Bank ABC expressed its delight with the closure of the transaction and wished Bahrain Islamic Bank continued growth and prosperity in the future.
Incorporated in 1979 as the first Islamic bank in the Kingdom of Bahrain, Bahrain Islamic Bank has played a pivotal role in the development of the Islamic banking industry and the Kingdom’s economy and is the flagship Islamic Bank. The Bank operates under an Islamic Retail banking licence from the Central Bank of Bahrain and is listed on the Bahrain Bourse.