Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced the successful conclusion of its debut $500 million syndicated financing facility.

The landmark three-year term financing facility is the first of its kind raised by a Shariah-compliant financial institution.

Structured as a Commodity Murabaha term financing facility in compliance with Shariah principles set out by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the proceeds will be used for Shariah-compliant general corporate funding purposes.

The new financing facility further strengthens the bank’s balance sheet by increasing its ability to support its clients as well as its own strategic growth ambitions. The successful closing also reflects the market confidence in Emirates Islamic’s growth strategy and financial strength.

Farid AlMulla, Chief Executive Officer of Emirates Islamic, said: “We are extremely pleased to conclude this landmark facility, that further underscores Emirates Islamic’s position as one of the leading Shariah-compliant banks in the UAE.

“As a prominent local Islamic bank, Emirates Islamic remains committed to contributing to the UAE’s progress by spearheading innovations in the Islamic banking sector and creating innovative Shariah-compliant products and services that adhere to the highest standards of ethical banking.”

Mohammad Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic, said: “Over the past two decades, we have remained committed to delivering exceptional banking services to our customers, and this Shariah-compliant financing facility will further strengthen their confidence in Emirates Islamic.

“We are proud to conclude a financing facility of this magnitude to support our growth ambitions.”

Emirates NBD Capital Limited, HSBC Bank Middle East Limited and Standard Chartered Bank served as global coordinators and mandated lead arrangers and bookrunners. – TradeArabia News Service