Middle East Loans

Kuwait Finance House (KFH) has signed a memorandum of understanding (MoU) for a five year $115m Shariah-compliant financing facility for Foulath, a Bahrain based iron and steel manufacturer.

Loans bankers are waiting by their phones for the call from Abu Dhabi telecoms firm Etisalat to finalise a loan of up to $6bn, after it announced on Monday evening that it had signed an agreement to buy 53% of Maroc Telecom from Vivendi.

Turkish participation (that is, Islamic) bank Kuveyt Türk has launched a $250m Shariah-compliant club loan into the market.

Qatari infrastructure firm United Development Company (UDC) has agreed a QR854m ($235m) Shariah-compliant facility with local Islamic bank, Masraf Al Rayan.

A consortium of Italian, South Korean and Qatari firms has signed a QR2.11bn ($580m) Islamic finance facility to pay build a new underground line for the Doha metro.

Saudi Arabia's National Industrialisation Co (Tasnee) has agreed a SR4bn ($1.06bn) murabaha facility.

The Middle East subsidiary of Indian textile firm Alok Industries has signed a $150m syndicated murabaha facility.

Saudi Arabian Jouf Cement Company has signed a Sr400m ($106.7m) Islamic finance facility.

Qatar Electricity and Water Co (QEWC) has signed conventional and Islamic finance facilities totalling $450m.

Saudi Arabian engineering firm Abdullah AM Al-Khodari Sons Company has signed Islamic finance facilities totalling SR828m ($221m).

Turkish Islamic bank Kuveyt Turk has sent out an invitation letter to loans bankers for a murabaha facility. This is the first time the bank has come to the loan market since 2009.

Dubai Islamic Bank has settled all Dh4bn of Tamweel’s bilateral liabilities two years of their scheduled maturity, the bank said on Wednesday.