Middle East Loans

Khaled Al Faikh has left his job as secretary general of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Chinese company Bright Food (Group), which this month announced the acquisition of a 56% stake in Israel’s Tnuva, has sent out invitations to banks for a loan of around $800m to back the purchase.

Vicente Pons, the former head of fixed income trading and derivatives at Renaissance Capital in London, has set up Frontera Capital, a boutique firm focused on frontier markets.

Saudi Arabian energy and telecoms transmission manufacturer Al-Babtain has signed a SR200m ($53.3m) Shariah-compliant financing facility with Saudi Hollandi Bank.

BNP Paribas has promoted Leroy Knowles to head of loan syndications, Middle East and Africa.

Saudi Arabian engineering firm Abdullah AM Al-Khodari Sons Co has signed a short term SR300m ($79.9m) Shariah-compliant financing agreement with Bank Al Bilad.

Lamprell, a Dubai-based oil and gas engineering firm, is seeking to raise a $350m refinancing loan after launching a $120.3m rights issue on Friday.

Saudi Arabian Taiba Holdings Co has signed a short term SR400m ($106.6m) Shariah compliant financing agreement with Banque Saudi Fransi.

Qatari telecoms firm Ooredoo has signed three short term Islamic financing facilities totalling just under $500m with three local banks.

The Islamic Development Bank (IsDB) has signed a set of loan agreements worth $671m to fund development projects in several member countries as well as Muslim communities in non-member countries.

Sharjah Islamic Bank has become the first bank to join Nasdaq Dubai’s murabaha platform since its official launch last month.

Turkish car maker Ford Otosan has approached the development bank market for a €140m long term loan as it seeks to modernise and increase its manufacturing output and develop a new cargo truck.