26 August 2008
AlBaraka Islamic Bank Bahrai, one of the banking units of Bahrain-headquartered Albaraka Banking Group (ABG), said that it has completed in this month the signing of a milestone transaction with a $15m Ijaraha Wa Iktina and Murabaha facilities for Amiantit Fiberglass Industries Ltd. Dammam KSA, a subsidiary of the Saudi Arabian Amiantit Company.
The signing ceremony took place at ABG head office in the Diplomatic area. On behalf of Dr. Solaiman AlTwaijri, CEO of Saudi Arabian Amiantit and President of Amiantit Fiberglass, Wehbe M. Rafih Chief Financial Officer and Mussab Al Wohabe the Assistant Chief Financial Officer represented the company, while on behalf of Al-Baraka Islamic Bank, Mohamed Al Mutaweh CEO and Board Member, Abdulaziz Al-Gosaibi AGM and Head of International Banking Department, Hussain Al-Nattaie as Head of Corporate Banking and Syndications and Noor ul Mobeen from Corporate Banking attended as signatories. Amiantit Fiberglass Industries Ltd. (AFIL) was established in 1977 in Dammam, Kingdom of Saudi Arabia and became the leader in the design and manufacture of Glass Reinforced Plastic Pipes (GRP) with over 7,000 km of pipes and fittings produced to date.
The company use state-of-the-art Flowtite Technology in the manufacturing process to produce pipes in diameters ranging from 80 mm to 4,000 mm that are widely used for Water transmission and distribution, Sanitary Sewerage Collection Systems & Treated Water, Storm Sewers, Sea water intake and Cooling water lines, Circulating Water, Make-up and blow-down lines for Power Plants and Desalination, Industrial and Chemical Wastes, Irrigation and Fire Fighting applications. In addition, the company is engaged in manufacturing a wide range of fiberglass fittings, manholes and storage tanks.
Chief Executive Officer of Al Baraka Islamic Bank, Mohamed Isa Al-Mutaweh said: "This Ijarah Wa Iktina and Murabaha facilities although not too large in amount is a big and proud step for Albaraka family. It clearly demonstrates Al Baraka's ability to penetrate in the regional market for well-renowned borrowers, like Amiantit."
AlBaraka Islamic Bank Bahrai, one of the banking units of Bahrain-headquartered Albaraka Banking Group (ABG), said that it has completed in this month the signing of a milestone transaction with a $15m Ijaraha Wa Iktina and Murabaha facilities for Amiantit Fiberglass Industries Ltd. Dammam KSA, a subsidiary of the Saudi Arabian Amiantit Company.
The signing ceremony took place at ABG head office in the Diplomatic area. On behalf of Dr. Solaiman AlTwaijri, CEO of Saudi Arabian Amiantit and President of Amiantit Fiberglass, Wehbe M. Rafih Chief Financial Officer and Mussab Al Wohabe the Assistant Chief Financial Officer represented the company, while on behalf of Al-Baraka Islamic Bank, Mohamed Al Mutaweh CEO and Board Member, Abdulaziz Al-Gosaibi AGM and Head of International Banking Department, Hussain Al-Nattaie as Head of Corporate Banking and Syndications and Noor ul Mobeen from Corporate Banking attended as signatories. Amiantit Fiberglass Industries Ltd. (AFIL) was established in 1977 in Dammam, Kingdom of Saudi Arabia and became the leader in the design and manufacture of Glass Reinforced Plastic Pipes (GRP) with over 7,000 km of pipes and fittings produced to date.
The company use state-of-the-art Flowtite Technology in the manufacturing process to produce pipes in diameters ranging from 80 mm to 4,000 mm that are widely used for Water transmission and distribution, Sanitary Sewerage Collection Systems & Treated Water, Storm Sewers, Sea water intake and Cooling water lines, Circulating Water, Make-up and blow-down lines for Power Plants and Desalination, Industrial and Chemical Wastes, Irrigation and Fire Fighting applications. In addition, the company is engaged in manufacturing a wide range of fiberglass fittings, manholes and storage tanks.
Chief Executive Officer of Al Baraka Islamic Bank, Mohamed Isa Al-Mutaweh said: "This Ijarah Wa Iktina and Murabaha facilities although not too large in amount is a big and proud step for Albaraka family. It clearly demonstrates Al Baraka's ability to penetrate in the regional market for well-renowned borrowers, like Amiantit."
© Bahrain Tribune 2008
