IslamicFinance.de

Bahraini First Energy Bank (FEB) has signed a 25-million-euro ($34 million) Murabaha facility with the Netherlands-based Kore Coal Finance, a subsidiary of Sapinda Holding. The financing will assist Sapinda in enhancing its investments in an internationally operating resource company which owns coal mining assets in South Africa. This Islamic facility supplements the recently concluded conventional profit participation note of 55m euros raised by Kore Coal Finance with a similar objective. The Murabaha facility has been structured on the basis of an attractive return and will be repaid by October 2016. FEB is acting as the investment and security agent under this Murabaha financing. The bank has an authorised share capital of $2 billion and a paid-up capital of $1 billion.