IslamicFinance.de

Abu Dhabi's government-owned Al Hilal Bank has closed a $175 million Islamic loan transaction with three banks, sources aware of the matter said on Thursday. The loan has a life span of two years. The transaction was arranged by Commerzbank, Emirates NBD and National Bank of Abu Dhabi, they added. Al Hilal Bank's spokesman declined to comment. The sharia-compliant lender is one of a number of Gulf-based banks seeking funds to help ease a squeeze on liquidity caused by lower oil prices. The sources on Thursday declined to give the pricing of the loan, although bankers said in November that Al Hilal Bank was marketing the loan with all-in pricing of 150 basis points over the London interbank offered rate (Libor).