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KFH's Participation US$ 120 Million
Al-Nahedh: Strengthening Relations with Our Partners and Supporting Our Role in Major Development Projects
Kuwait: "Kuwait Finance House K.S.C. and GIB Capital LLC have succeeded, as Financial Advisors, in structuring a US$ 500 Million syndicated Ijara facility in favor of Sharjah Electricity & Water Authority ("SEWA")" said Mr. Mazen Saad AlNahedh - CEO - KFH. The transaction confirms KFH's continuity in playing vital roles in financing infrastructure projects.
Al-Nahedh added in a press release: "KFH's participation of US$ 120 Million in this 5-year transaction is the largest participation amongst the Mandated Lead Arrangers which include Gulf International Bank (B.S.C.), ABC Islamic Bank (E.C.), Sharjah Islamic Bank PJSC and Barwa Bank (Q.S.C.)". The transaction is guaranteed by the Government of Sharjah. SEWA will utilize the proceeds to finance its current and future projects, which includes the infrastructure and expansion plans to meet the growth needs that Sharjah is witnessing.
Regarding KFH's role in the transaction, Mr. Al-Nahedh emphasized that KFH as Financial Advisor along with GIB Capital have structured and arranged the transaction including solicitation of other participants and working with the legal counsels to finalize the transaction's facility agreements on behalf of all participants.
Mr. Al-Nahedh reiterated that KFH is proud of the strong and deep-rooted relations, which dates back to the 1990s, with the Government of Sharjah and its various authorities and organizations including SEWA. KFH has succeeded in providing SEWA with several financings for infrastructure projects for the years 2006, 2012 and 2013 by arranging syndicated Murabaha and Ijara facilities.
KFH, through its subsidiary 'KFH Investment Co.', was also mandated as Joint Lead Manager and Bookrunner for the US$ 1 Billion debut Sukuk issuance by the Government of Sharjah, which was launched and closed in September 2014.
SEWA is an independent authority and has its financial and administrative independence; it is wholly owned by the Government of Sharjah. SEWA enjoys exclusive rights of providing water, electricity and natural gas in the Emirate of Sharjah and was established as per an Amiri Decree issued in March 1995.
Kuwait Finance House (KFH)
KFH was established in Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic products and services, not to mention a high standard of innovation and client service.
KFH manages its operations in the GCC, Asia, and Europe through over 380 branches, including KFH-Turkey, in order to offer services for the bank's clients in Turkey, Malaysia, Saudi Arabia, Bahrain, Australia, Jordan, Dubai, and Manheim in Germany.
KFH's mission is to achieve highest levels of excellence and innovation in the field of client service, while developing common interest for all those concerned with the financial institution. KFH's vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world.
KFH's values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation and in client service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.
For more information, please visit: www.kfh.com
© Press Release 2015
