Kuwaiti telecom operator Zain signs $250m Islamic loan

April 02, 2014 - 2:39:37 pm

KUWAIT: Kuwait's Zain has secured a $250 million four-year Islamic loan from a syndicate of three Gulf banks, the telecommunications operator said on Wednesday.

Zain, which operates in eight countries in the Middle East and Africa, has signed the Murabaha sharia-compliant cost-plus-profit facility with lead lender Boubyan Bank, plus Kuwait International Bank and Qatar Islamic Bank.

Zain will use the money to meet its "operational and expansion financing needs", it said in a statement. (Reuters)