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Apr 17 2012

Rasameel arranges an Islamic Short Term Warehouse Finance Facility for Yusuf A. Al-Ghanim & Sons Company

Kuwait - Rasameel Structured Finance Company , a leading Kuwaiti based Islamic structured finance firm acting as lead arranger and Sukuk program manager for the first corporate MTN funding program for Yusuf A. Al-Ghanim & Sons Co., announced today that it has successfully commenced the first round of warehouse facilities, a short-term credit facility provided for the ramp-up of its new consumer electronics and furniture installment sale contracts for further securitization through a ring fenced entity, by the issuance of medium term notes (Sukuk). Sequentially, planned warehouse facilities will precede periodic Sukuk issuances in tranches and of tenors ranging anywhere between 18 to 24 months for the MTN programme.

Moreover, Rasameel is also the sole mandated Structuring and Shariah Advisors for the landmark debt capital markets issuance that required innovative asset repackaging to cater to growing investor appetite for fixed income securities providing attractive returns.

Mr. Issam Al Tawari was cited saying that "This deal represents another milestone in Rasameel 's strategy of establishing its name as a regional player in the Islamic capital market despite adverse market conditions"

Mr. Osama Kishk, SVP- Financial Services Group of Rasameel was quoted saying that "at Rasameel we feel that this would be a new investment opportunity that will appeal to investors looking for Shariah compliant fixed income products providing a steady stream of predictable income with expected rate of return higher than the present fixed deposit benchmarks".

Mr. Thuwaini Al; Thuwaini, AVP- Deal Structuring also added that " Rasameel sees this avenue for companies to tap into an underserved Shariah compliant debt capital markets whilst providing fixed income investors a wider array of Shariah compliant investment products. This is in-line with Rasameel 's overall mandate to assist companies in the GCC region to expand and diversify their funding options" ".

For further information, visit www.rasameel.com

Media contact:
RASAMEEL
Hassan Al Azem, SVP - Corporate Strategy & Human Capital
Tel: +965 247 8800
Fax: +965 2476600
email: halazem@rasameel.com

© Press Release 2012


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