IslamicFinance.de

Dubai-headquartered offshore supply vessel company Stanford Marine Group (SMG) has secured a AED 1.2 billion ($326.7 million) Islamic syndicated structured finance facility arranged by Noor Bank. The transaction is one of the first fully Islamic-backed finance deals in the oilfield services sector. Other participating banks in the deal were: Barwa Bank, First Gulf Bank and Qatar Islamic Bank which acted as mandated lead arrangers, while Ajman Bank and United Arab Bank joined the deal as Lead Arrangers. Noor Bank PJSC also acted as Investment and Security Agent for the deal. The facility will be used to consolidate Stanford Marine Group’s existing conventional and Islamic facilities into a single tranche facility.

Al Hilal Takaful, the takaful insurance subsidiary of Al Hilal Bank, has signed a distribution agreement in Abu Dhabi with Euler Hermes, a trade credit insurance provider. The agreement was forged recently at Al Bahr Towers, Al Hilal Bank’s headquarters in Abu Dhabi, during a special ceremony attended by Euler Hermes’ Regional Board. The partnership will enable Al Hilal Bank’s Abu Dhabi customers to take advantage of a broad range of trade credit insurance solutions for the management of business-to-business trade receivables offered by Euler Hermes. Al Hilal Bank will leverage Euler Hermes’ offerings to help its corporate clients address local and global economic challenges and manage their trade receivables and worldwide expansion.