DOHA: Qatar Islamic Bank (QIB), Noor Bank and Warba Bank, the mandated lead arrangers, announced the successful closure of a $155m Shariah-compliant receivable backed syndicated financing facility for a UAE-based Jafza entity.
The facility is a landmark transaction that enabled the obligor to successfully securitise its future receivables guaranteed by multinational oil and gas companies. Noor Bank acted as lead arranger and bookrunner for the facility besides its role as the account bank, documentation bank, Shariah-coordinator, as well as investment and security agent. The facility was designed to refinance existing debt and finance the company’s future capital expenditure.
Bassel Gamal, Group CEO, QIB said: “The signing of this agreement confirms the Bank’s strategy and commitment to providing innovative Islamic financial solutions that meet the requirements of regional corporate clients. This partnership between Noor Bank, QIB and Warba Bank is a testament of the strong cooperation between regional Islamic financial institutions to support strategic projects. This is another confirmation of our pioneering role in supporting the overall Islamic economy growth.”
Hussain Al Qemzi, GCEO, Noor Investment Group, and CEO Noor Bank, said: “We are pleased to have led the facility that allows us to support our obligor in achieving its financial goals.”
Incorporated in 2006, the obligor is a world-class oil services company that has significant operations in surface oil-based services in the Middle East. The obligor serves the entire Middle East North Africa.