IslamicFinance.de

Indonesian airline Garuda Indonesia has mandated a total of 15 banks to arrange its first dollar outing, which will be executed in sukuk format. The company has chosen National Bank of Abu Dhabi (NBAD) as sole global co-ordinator. Dubai Islamic Bank and NBAD are working as joint structuring banks.

ndonesian airline Garuda Indonesia Tbk has secured US$100 million in financing from a unit of Malaysia's Maybank to fund its operations and expansion. The Musyarakah-based loan has a tenure of three years and will be issued through Maybank's Indonesian unit, PT Bank Internasional Indonesia Tbk. Garuda Indonesia posted a net loss of $163.9 million in its first quarter ended March, compared with a loss of $33.75 million in the same period a year earlier, as the airline continued to struggle with rising competition.