Middle East Loans

The Islamic Development Bank has agreed a €750m facility for Pakistan – by far its biggest loan to the country to date, according to IFIS data.

Nigeria’s government is seeking a $450m loan from the Islamic Development Bank to expand a power transmission system which it said will generate up to 20,000 megawatts of electricity.

Saudi Arabian investment firm Aseer Trading, Tourism and Industry has signed a Sr700m ($187m) seven year Islamic financing facility.

Turkish Islamic bank Al Baraka Turk has caught the attention of a large banking group for its $250m murabaha facility that was launched last week.

Saudi Arabian telecoms firm Zain Saudi has restructured Sr8.63bn ($2.3bn) of Shariah-compliant debt after almost 18 months of negotiations and repayment extensions.

Saudi Arabia's International Methanol Company (IMC) has signed a new Sr325m ($87m) 10 year Islamic finance facility.

Zain Saudi’s lenders have allowed the company another five years to pay back the remaining SR8.6bn ($2.3bn) of its murabaha facility, following numerous smaller extensions.

The government of Yemen has signed two financing agreements with the Islamic Development Bank (IsDB).

Omani oil and gas contracting firm Renaissance has completed the second and final phase of its OR200.5m ($521.3m) refinancing programme.

The debut Islamic facility of International Bank of Azerbaijan (IBA) has been oversubscribed by 20.5%, allowing the borrower to sign the deal at $120.5m.

Turkish Islamic bank Al Baraka Turk has launched a $250m one and two year murabaha facility into syndication. The borrower is hoping to attract new lenders to this deal, Al Baraka Turk said on Monday.

Dubai’s reputation in the loan market is riding high this week after Dubai Duty Free (DDF) used improving sentiment towards the emirate to slash the margins of its 2012 loan and property developer Abdulsalam Al Rafi Group became the first of three hotel operators in the market to sign a loan.