Abu Dhabi, 07 February 2012 - Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced today that it had closed a AED 275 million (USD 75M) syndicated Islamic financing facility for JBF RAK LLC (JBF RAK), a subsidiary of JBF Industries.
This marks the debut Islamic finance facility for JBF RAK, a specialist polymer manufacturer focused on PET polymer resin chips (chips) and BOPET film products (films). It is a leader in the Middle East region with a market share of over 20% in chips and film products.
The financing will be used to expand JBF RAK production in Ras Al Khaimah including the purchase of new machinery and equipment and to optimize its debt profile by introducing Islamic term funding.
JBF RAK is a subsidiary of JBF Industries, a global industry leader, specialized in the manufacturing of polyester chips. JBF Industries is listed in India and its products cater to the textile manufacturing industry, PET bottle manufacturing and polyester film manufacturing industries.
ADIB acted as initial Mandated Lead Arranger, Sole Bookrunner, and Investment and Security Agent Bank for the deal while National Bank of Fujairah acted as Mandated Lead Arranger.
Commenting on the financing, Tirad Mahmoud, CEO of ADIB, said: "We are pleased to deepen our relationship with JBF RAK further. Providing this customized Islamic Financing solution will help it optimize its funding and meet long term strategic objectives. This transaction confirms ADIB's experience in structuring Islamic Finance Facilities and Sukuk transactions, through its dedicated and experienced team."
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About ADIB:
Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Emiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999.
ADIB's vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community.
The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles.
ADIB's core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and Shari'a inspired. It brings to its customers banking as it should be.
ADIB - Awards:
1. ADIB was named the "Best Overall Bank in the UAE in customer service" for 2011 by Ethos Consultancy
2. ADIB won the" Best Branch Award in the UAE" for 2011 by Ethos Consultancy
3. ADIB was named the "Best Islamic Bank in the UAE" for 2011 by Global Finance Magazine
4. ADIB was named Best Islamic Bank by Business Banking and Finance Magazine
5. ADIB won Best Corporate Bank by Business Banking and Finance Magazine
6. ADIB was named "The Best Islamic Bank" in the Middle East region for the second year running at the Banker Middle East Industry Awards 2011.
7. ADIB was nominated as "Fastest Growing Bank in the UAE" by the awards jury at the Banker Middle East Industry Awards 2011.
8. ADIB was named "The Best Islamic Bank in the region" in the Middle East at the Banker Middle East Industry Awards 2010
9. ADIB won the "Best Islamic Bank in the region" at the 2010 Islamic Banking and Finance Awards organized by CPI Financial.
10. ADIB was named "Best Islamic Bank in the UAE" at the Islamic Finance News Awards 2010.
11. ADIB won the best Islamic bank in the UAE by EMEA Finance.
12. ADIB won the "Best UAE Deal" award at the Islamic Finance News Awards 2010.
13. ADIB also won the "HRD Award" from the Emirates Institute of Banking & Financial Studies.
14. ADIB's GHINA saving program won the "Best Savings Account Award" at the Banker Middle East Product Awards 2010.
15. ADIB won the "Best Private Sector Customer Service Team" award at the 2010 UAE Customer Service Week forum, held by The International Customer Service Institute UK.
16. ADIB won the "Most Improved Bank" in service excellence and got the top rank in "Call Centre Performance" in the 6th Annual Bank Benchmarking Index for service excellence by Ethos Consultancy.
17. ADIB also won the award for "Best Branding Category" at the 2010 Islamic Banking and Finance Awards organized by CPI Financial.
18. ADIB won the "Best SME Card" at the 4th Annual Banker Middle East Product Awards 2011.
19. ADIB won the "Best Ladies Banking Service" at the 4th Annual Banker Middle East Product Awards 2011.
Mohammad Z. Al-Qassem
Associate Account Manager
Corporate & Finance Practice
Weber Shandwick | MENA
Mobile: +971 50 288 9601
Email: mohammad.alqassem@ws-mena.com
© Press Release 2012
