Middle East Loans
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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.
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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.
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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.
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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.
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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.
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Turkish agricultural trader Tiryaki has signed a $250m borrowing base facility from development and commercial banks.
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In support of its bid to become the centre of Islamic economy, Dubai has launched a murabaha platform.
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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.
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Islamic loan bankers are backing their market to bounce back after a start to the year when volumes have been sluggish already compared to last year and refinancing needs are much lower than they were in 2013.
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Ziraat Bankasi, the Turkish state-owned agricultural bank, is due to sign a one year loan to refinance $700m-equivalent of debt early next week.
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The Islamic Development Bank has approved $515.6m of financing in support of socio-economic development projects in member countries, as well as Muslim communities in non-member countries.
