Feb 11 2013
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AJF signs QR346m murabaha deal with GCC banks syndicate
In its first ever syndicated financing transaction, the Doha-based consumer finance company Al Jazeera Finance (AJF) has signed a QR346mn three-year dual currency murabaha facility with a syndicate of banks from the GCC (Gulf Co-operation Council) region.
QInvest acted as sole bookrunner and structuring advisor to Al Jazeera Finance . Qatar Islamic Bank took the mandated lead arranger role and was also acting as the investment agent. Ahli United Bank, First Gulf Bank UAE and QInvest were the lead arrangers.
Established in 1989 and backed by major shareholders including QNB, Qatar Insurance Company and its two founding shareholders - Qatar Islamic Bank and Awqaf (Ministry of Endowment and Islamic Affairs), AJF is currently the oldest and largest consumer finance company in Qatar. AJF activities include car financing, mortgages, retail and corporate financing. The company seeks to improve the access to finance for retail customers, and to support the business growth of corporate clients, in particular small and medium enterprises (SMEs).
"We are pleased to be working with such strong and committed banking partners. The signing of this transaction is a testimony to the confidence of the GCC financial markets in Qatar and AJF".
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