QInvest arranges US$95m Murabaha facility for Al Jazeera Finance
February 11, 2013 - 12:00:00 am
DOHA: Al Jazeera Finance (AJF) has signed a US$ 95 million (QR 345.8 million) 3-year dual currency Murabaha facility with a syndicate of banks from the GCC, the company said Sunday.
QInvest acted as Sole Bookrunner and Structuring Advisor to AJF in its first syndicated financing transaction. Qatar Islamic Bank took the Mandate Lead Arranger (MLA) role and is also acting as the Investment Agent. Ahli United Bank, First Gulf Bank UAE and QInvest were the Lead Arrangers.
Speaking on the occasion of the signing ceremony, AJF CEO Amer Al Jabri said, "The agreement today is an important step towards diversifying our funding sources and reaching out to a wider group of banking relationships. The signing of this transaction is a testimony to the confidence of the GCC financial markets in Qatar and AJF."
QInvest CEO Tamim Hamad Al Kawari said, "The success of this deal is a testament to the efforts of all teams involved. QInvest has advised and is currently advising AJF and its shareholders on a number of initiatives and we are pleased with the partnerships that have been formed to successfully complete this milestone transaction."
Established in 1989 and backed by major shareholders including Qatar National Bank, Qatar Insurance Company and its two founding shareholders being Qatar Islamic Bank and Awqaf (Ministry of Endowment and Islamic Affairs), AJF is the oldest and largest consumer finance company in Qatar. (QNA)