Middle East Loans

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.

Saudi telecoms firm Mobily has signed Islamic loan agreements totalling around $650m with Nordic export credit agencies, the firm said on Sunday.

Pledges of $12bn in aid to Egypt from Saudi Arabia, Kuwait and the United Arab Emirates this week gave the country a boost amid the upheaval of its military coup. But while the support adds confidence in the short term that approaching debt maturities can be met, it has also heightened investor concerns about Egypt’s overall indebtedness.

The Islamic Development Bank has pledged $789.4m to finance projects in eleven of its member countries as well as education for Muslim communities in three others.