KUWAIT - Kuwait International Bank (KIB
) extended on Monday USD 125 million bilateral Murabaha financing facility to Atheer Iraq, the Iraqi subsidiary of Zain Group for four years tenor.
The proceeds were used to settle financing previously extended to enhance the capacity and quality of the subsidiary's network, modernize its infrastructure and strengthen its customer service.
"We are delighted to have structured and arranged this Islamic facility for Zain Group, a major regional player in the Telecom sector. We look forward to continue supporting the group's growth, which is underpinned by its strong business model, management team and shareholders," said Vice Chairman and CEO of KIB Raed Bukhamseen complimented both KIB and Zain Group on the successful closing of this financing.
"This transaction supports the diversification of the Bank's financing portfolio. This transaction also underscores KIB capability of leading, arranging and accommodating large ticket transactions on a bilateral basis," he added.
Commenting on the successful closing of this transaction, General Manager of International Banking and Large Corporate Department Mohamed Khadiri said that this is a significant transaction for KIB, which demonstrates our business focused culture, quick turnaround and collaborative approach with our customers.
"The new facility is well structured to suit the liquidity requirements of Atheer Iraq and clearly enhances our relationship with the entire Group. We are extremely proud to be a part of this milestone in Zain's financing agenda and I commend the hard work, effective collaboration and dedication that KIB and Zain teams have exhibited in the past few weeks into making this transaction come to fruition," he said.
"We are very pleased to have Zain Group as one of our Large Corporate customers with whom we enjoy a long standing and mutually beneficial partnership," he added.
Khadiri concluded his statement saying that this deal adds to KIB's portfolio of noteworthy achievements and its strong track record in providing Sharia-compliant financing products and services, as well as financial advisory to the corporate sector. We will continue our efforts to pursue KIB's strategic objectives in order to strengthen and cement our position as a leading banking institution amongst local and regional banks, as we continue to fulfill the needs and requirements of our customers."
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