IslamicFinance.de

The well-diversified Al Ghurair Group has signed a USD 347.2 mn (AED 1.275 bn) Islamic facility with a group of financial institutions including Mashreq. The facility has been structured in Ijara and Musharaka that require a sale and lease-back of the asset owned by the client.

Standard Chartered and Mashreq, which is majority owned by the Al Ghurair Group, were the lead book-runners and participating banks include First Gulf Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Arab African Bank and Ajman Bank.