Murabaha

King Abdullah Port secures $720m Islamic loan for planned expansion

King Abdullah Port (KAP) will add new terminals after securing a $720m Islamic bank loan to finance the planned second phase development of Saudi Arabia’s first fully privately owned port. The strategically positioned Red Sea port unveiled the SAR 2.7bn ($720m) murabaha facility, with a tenure of 14 years, from Arab National Bank and Saudi Arabia British Bank. KAP has quickly established itself as a serious alternative to historic Jeddah Islamic Port which previously handled the bulk of Saudi Arabia’s cargo. Once complete, KAP will be able to handle 20m teu, 1.5m vehicles and 15 million tons of clean bulk cargo annually.

Source: 

http://www.seatrade-maritime.com/news/middle-east-africa/king-abdullah-port-secures-$720m-islamic-loan-for-planned-expansion.html

Faisal Islamic Bank's mortgage portfolio hits $112k for middle-income housing units

#Egypt-based Faisal Islamic Bank's portfolio of mortgage finances pursuant to the central bank's initiative has reached around two million Egyptian pounds ($112,598). Faisal Bank is applying the Islamic financing structure Murabaha in providing mortgage finances as pursuant to the central bank's initiative. Through the new initiative, the central bank would lend Egypt's working banks 20 billion pounds for 20 years to be lent to people of low-income and average-income at 7 and 8% interest in order to buy housing units in new urban communities.

Finance Islamique: déjà 500 familles devenues propriétaires en #France avec 570easi!

Il y a 6 ans, la société 570easi réalisait en France la toute première opération de financement immobilier conforme à l’éthique musulmane. C’est le cas pour plus de 500 familles qui sont devenues propriétaires via un financement immobilier Murabaha. Le grand public a la possibilité à ce jour de solliciter une durée de financement allant jusqu’à 20 ans.

Nogaholding successfully signs $570 million #Murabahah facility

Nogaholding, the investment arm of #Bahrain’s National Oil and Gas Authority (NOGA) hosted a dinner to commemorate the signing of the $570 mn Murabahah finance facility. Minister of Energy and Chairman of nogaholding Dr. Abdul Hussain bin Ali Mirza congratulated all the lenders for their support. The ten banks which participated include: Arab Banking Corporation (ABC), Ahli United Bank (AUB), Arab Petroleum Investments Corporation (APICORP), Gulf International Bank (GIB), and National Bank of Bahrain (NBB), Qatar Islamic Bank (QIB), Kuwait Finance House (KFH), The Bank of Tokyo-Mitsubishi UFJ (MUFG), BNP Paribas and HSBC. nogaholding’s first syndicated debt facility carries a term of five years. The facility size was increased by more than 60% due to strong demand from participating banks.

Emirates Islamic completes Murabaha on Nasdaq Dubai

Emirates Islamic Bank completed a $50 mn (Dh183 mn) Collateralised Murabaha deal with France-based Natixis on the Nasdaq Dubai. This was the largest collateralised Murabaha transaction closed by Emirates Islamic this year, and the first of its kind executed on the Nasdaq Dubai Murabaha Platform. CEO of Emirates Islamic Jamal Bin Ghalaita said the transaction sets a precedent for other financial institutions considering Sharia-compliant financing.

$155 million #Murabahah for Ziraat Participation Bank

On 27 April 2016 Ziraat Participation Bank closed its first Syndicated Murabaha Financing Facility. The debut transaction received a strong response from the market. Due to the significant oversubscription, Ziraat Participation Bank increased the facility size to US$155 mn. CEO Osman Arslan said the proceeds from the facility will be used to support the funding requirements of SMEs and the financing of trade related businesses.

Ziraat Participation's First #Syndication

On 27 April 2016 Ziraat Participation Bank closed its first Syndicated Murabaha Financing Facility. The debut transaction received a strong response from the market. Due to the significant oversubscription, Ziraat Participation Bank increased the facility size to US$155 mn. CEO Osman Arslan said the proceeds from the facility will be used to support the funding requirements of SMEs and the financing of trade related businesses.

Sharjah Islamic Bank obtains $265 mln murabaha facility

Abu Dhabi-listed Sharjah Islamic Bank said on Monday it had obtained a three-year, $265 million syndicated murabaha financing facility from a group of banks.
ABC Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital and Noor Bank were lead arrangers and bookrunners, Sharjah Islamic said without giving pricing details.

Bahrain's Nogaholding secures $570 million Islamic loan

Nogaholding, the holding company for oil and gas assets owned by the government of Bahrain, signed to obtain a five-year, $570 million murabaha financing facility. The Islamic funding will support investment in a number of large oil and gas projects in the kingdom, including the BAPCO Modernisation Programme, a liquefied natural gas import terminal, and the Bahrain Gas Plant Project. The facility is provided by 10 international, regional and local institutions: Arab Banking Corp, Ahli United Bank, Arab Petroleum Investments Corp, Gulf International Bank, National Bank of Bahrain, Qatar Islamic Bank, Kuwait Finance House, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas and HSBC.

QInvest/Crescent Capital complete first mezzanine financing for Turkish alternative energy

There are a growing number of transactions in the Turkish market that are financed by GCC institutions; and the Gulf States are steadily rising investors in Turkey. Among the lastest crop of deals, Qatar’s QInvest has provided a five year $30m murabaha mezzanine finance facility for Turkish private equity firm Crescent Capital to fund its acquisition of a 100% stake in Akocak HPP, an operational 81 MW hydro-electric power plant in Turkey. QInvest has structured and invested in the transaction. The deal also shows that traditional project finance structures are giving way to alternative financing structures, with Islamic finance showing potential for further growth in the funding of capital goods projects.

Scientex plans RM500m Sukuk Murabahah

Industrial packaging and property-based Scientex Bhd has proposed to set up a Sukuk Murabahah programme to issue up to RM500mil and it will have a tenure of up to 15 years. Its unit Scientex Quatari Sdn Bhd has lodged with the Securities Commission all the required information and relevant documents. The programme would enable Scientex Quatari the flexibility to raise funds via the issuance of Sukuk Murabahah from time to time which can be used to finance or to repay land and property investments. Other plans for the programme are to fund working capital requirements and to refinance existing bank borrowings. RHB Investment Bank Bhd is the principal adviser, lead arranger, lead manager and facility agent for the programme.

Albaraka Türk nears close for $400m murabaha deal

Turkish participation bank Albaraka Türk is set to close books for its $400m-equivalent murabaha loan next week. Albaraka Turk is expected to sign the loan in mid-September, according to a banker on the deal. The $400m-equivalent deal has one year and two year tranches in euros and dollars.

Bank ABC closes a US$320 million syndicated Murabaha financing facility for Kuwait International Bank K.S.C.

Kuwait International Bank K.S.C. has successfully closed a debut syndicated Murabaha financing facility. The Facility was signed on 24 August 2015. Bahrain-based Bank ABC and Bank ABC Islamic acted as the Initial Mandated Lead Arrangers and Coordinating Banks for the Facility. The Facility was initially launched for US$100 million, and following strong interest from the market KIB decided to utilise the significant oversubscription to increase the Facility size to US$320 million. The Facility carries a tenor of 3 years and will be used by KIB for general funding purposes.

BRIEF-Albaraka Turk mandates banks for murabaha syndication with initial amount of $400 mln

Albaraka Turk Katilim Bankasi AS mandates BC Islamic Bank (E.C.), Barwa Bank Q.S.C., Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, Kuwait International Bank ve Standard Chartered Bank for a murabaha syndication loan with a total initial amount of $400 million in EUR and USD currency. The loan is going to have maturity periods of 367 days and 2 years 3 days.

Maxis issues first series of sukuk murabahah

Maxis Bhd has issued the first series of its sukuk murabahah of RM840mil in nominal value pursuant to its unrated sukuk murabahah programme. The tenure is for 10 years from the issue date. The country’s largest mobile phone operator plans to raise as much as RM5bil from a 30-year sukuk for its capital expenditure (capex) and debt refinancing. The company said in a filing with Bursa Malaysia yesterday that the unrated sukuk murabahah programme would be available 30 years from the date of the first issuance, which should be made within two years of approval. The issue price as well as coupon rate and yield to maturity of the Islamic bond will also be fixed prior to each issuance.

The Islamic Corporation for the Development of the Private Sector Secured US$300 million Islamic Murabaha financing

The Islamic Corporation for the Development of the Private Sector (ICD) secured a 13-month US$300 million Islamic Murabaha financing facility (the "Facility") from Dubai Islamic Bank PJSC , First Gulf Bank PJSC , Mizuho Bank (Malaysia) Berhad and Mizuho Bank Nederland N.V. in early June 2015. Dubai Islamic Bank acted as the sole Coordinator of the Facility, in addition to being the Mandated Lead Arranger along with First Gulf Bank, Mizuho Bank Malaysia and Mizuho Bank Nederland. The Facility, the largest to-date for ICD, is part of ICD 's US$1.2 billion global resource mobilization program for 1436H (2015). The proceeds of the Facility was deployed for use of ICD 's ordinary operations.

Stanford Marine Group unit closes 1.2 bln dirham Islamic loan

A unit of Stanford Marine Group has closed a 1.2 billion dirham ($326.7 million) sharia-compliant loan deal with a group of banks to consolidate its debts into one facility at a cheaper cost, the arranging bank said on Monday. The murabaha-structured facility for offshore vessel operator Stanford Asia Holding Company was arranged by Dubai-based Noor Bank, with five other banks from the United Arab Emirates and Qatar taking part, it said. No pricing or length of the murabaha, a cost-plus-profit arrangement, were provided.

Kuwait International Bank launches $100 mln debut Islamic loan

Kuwait International Bank has invited banks to participate in a $100 million debut Islamic loan to fund its general funding activities and the marketing of the deal should close by early August, it said in a statement. The bank will raise funds with a three-year lifespan and will pay a margin of 120 basis points over the London interbank offered rate (Libor). The lender will use a murabaha-structured facility, which is a cost-plus-profit arrangement, one of the most popular formats for structuring Islamic loans. Arab Banking Corporation and ABC Islamic Bank are the mandated lead arrangers for the transaction.

Ajman Bank starts transactions on Nasdaq Dubai Murabaha platform

Nasdaq Dubai said on Monday Ajman Bank has begun transacting on the its Murabaha Platform, which facilitates the provision of streamlined Sharia-compliant financing services. Ajman Bank’s initial activity on the platform has enabled it to meet the needs of customers throughout the country, the bourse said in a statement. Since it was officially launched in April 2014, the Nasdaq Dubai Murabaha platform has completed a total of more than Dh46.5 billion of transactions and is playing a growing role in Dubai’s expansion as the global capital of the Islamic Economy.

Islamic loan books shift towards profit-sharing in Indonesia, Pakistan

The make-up of Islamic banks' loan books is changing in Pakistan and Indonesia with the growing use of profit-sharing contracts that could help Islamic finance win more customers in the two largest Muslim-majority countries. Murabaha has been the workhorse of Islamic bank financing globally, but after years of dominance the structure is losing favour in some areas to profit-sharing contracts such as musharaka, istisna and salam, which are seen by many scholars as closer to the economic principles of Islam. In Indonesia, the change is more gradual as murabaha still represents over half of all financing by Islamic banks.

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