ABU DHABI: May 27th, 2013 (WAM): Emirates NBD Capital Limited (EMCAP), Barwa Bank, J.P. Morgan Limited (J.P. Morgan) and Noor Islamic Bank PJSC (Noor) (together the Initial Mandated Lead Arrangers" and Bookrunners) have been mandated by the International Bank of Azerbaijan (IBA or the Purchaser), to arrange a US$ 100,000,000 Syndicated Murabaha Financing facility (the Facility).
Financing under the Facility will be used by IBA to expand its Shari?a compliant financing activities in Azerbaijan. The Facility has a tenor of 18 months and carries a profit rate of 325 bppa over the relevant Libor, according to a joint press release by the said banks. The Facility was launched into general syndication on May 13th, 2013, with banks mainly from Middle East and Asia invited to participate in the Facility. IBA, along with Bookrunners, has recently concluded roadshows in UAE, Bahrain and Qatar. International Bank of Azerbaijan was incorporated in 1992 as a fully state-owned bank and is domiciled in the Republic of Azerbaijan. On 28 October 1992, the IBA became a joint-stock commercial bank and the Ministry of Finance of the Republic of Azerbaijan (MoF) became the major shareholder of IBA. Currently, the MoF is the majority shareholder with 50.2% equity stake in IBA. IBA operates an Islamic window that provides Shari?a compliant financial services in Azerbaijan. Their product offerings are certified by shariah advisory firm Dar al Shariah, based in Dubai, and meet AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions) standards.Copyright Emirates News Agency (WAM) 2013.
