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| 25 September, 2017

Bahrain's Bank ABC and BisB arrange $101mln facility

Bahrain's Bank ABC and BisB arrange $101mln facility
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MANAMA: Bahrain Islamic Bank (BisB) has successfully closed a debut $101 million one-year syndicated Murabaha financing facility, it was announced yesterday.

The facility, which will be used for general funding purposes, was co-ordinated by Bahrain-based Bank ABC, which also acted as the sole bookrunner.

The facility was initially launched for $50m, and following strong interest from the market, BisB decided to utilise the significant over-subscription to increase the facility size to $101m.

Eight banks from the GCC and Europe took part in the transaction including Bank ABC Islamic, Boubyan Bank, Dubai Islamic Bank, Emirates Islamic, Sharjah Islamic Bank, National Bank of Ras Al Khaimah, The Islamic Corporation for the Development of the Private Sector, Federated Project and Trade Finance Tender Fund, and Federated Project and Trade Finance Core Fund.

“We are pleased with the positive response from our partner banks in Bahrain, the region and Europe,” said BisB chief executive Hassan Jarrar.

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BisB was incorporated in 1979 as the first Islamic bank in Bahrain.

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