IslamicFinance.de

Raub Australian Gold Mining Sdn. Bhd. ("RAGM") has started an agreement with Alkhair International Islamic Bank Berhad ("AIIB") for an Islamic working capital facility, known as a Murabaha Facility, (the "Facility") of up to US$6 million.
The Facility will be used to supply RAGM with additional working capital over a one year period. It will also give additional flexibility over the coming year whilst RAGM will be having the purpose to increase production from both tailings and shallow in-situ ore at its Raub mine.
The main terms of the Facility are the following:
- the Facility is available for a period of 1 year from the first drawdown of Facility, providing that the first Murabaha Transaction shall take place no later than 11 February 2012;
- each Murabaha Transaction will be subject to a profit rate of 2.75% above the Bank's cost of funding rate (currently 5.0% per annum)
- each Murabaha Transaction will be for a period of 3 months;