Middle East Loans

Eastern Sugar Co (Nuran Sugar) has signed its long awaited Shariah-compliant financing worth E£1.5bn ($217m) with 13 banks in total according to a senior banker on the deal.

Abu Dhabi National Energy Co, known as Taqa, has signed a $195m-equivalent loan in yen, as it makes its first steps to repay bonds maturing this year.

The Islamic Corporation for the Development of the Private Sector has put its backing behind an ijara leasing company aimed at helping small and medium sized enterprises (SMEs) in Palestine.

Gas transport co Maran Nakilat has signed a five year murabaha refinancing deal for $807.4m with Qatar Islamic Bank and Barwa to buy three liquid natural gas vessels.

Saudi Arabian cement company Najaran has signed a Sr150m ($40m) Islamic financing facility with Banque Saudi Fransi to finance its waste heat recovery project.

Khaleeji Commercial Bank will provide financing for buyers of property on Bahraini man-made island Dilmunia, after signing an agreement with Ithmaar Development.

IMG Theme Park has signed a Dh1.2bn ($326m) ijara financing facility with Abu Dhabi Islamic Bank (ADIB) and four other banks based in the United Arab Emirates.

The Islamic finance industry continues to grow quickly, in terms of both assets and users. Yet within this fast-growing sector a number of banks tend to stand out for the quality of their services. ASIAMONEY picks the stand-out Islamic banks in Asia and the Middle East for the past year. By Chris Wright.

The Central Bank of Bahrain has begun a consultation with the kingdom’s Islamic banks on new rules designed for what it terms “special murabaha” financing contracts by the banks.

Abu Dhabi investment firm Waha Capital has overcome some lenders' concerns about financing a holding company to smash through its refinancing target by signing a $750m five year loan.

Kuwaiti telecoms firm Zain has signed a four year $250m murabaha financing facility with two local banks and one other bank in the Gulf. Zain will use the funds to support its operations and fund its expansion plans.

Turkish agricultural trader Tiryaki has signed a $250m borrowing base facility from development and commercial banks.