ABC Islamic Bank, Bank Al-Jazira sign $10 million facility
Bahrain’s ABC Islamic Bank, Saudi Bank Al-Jazira recently arranged a two-year, $10 million Islamic financing facility favoring Bahrain Commercial Facilities Company (BCFC). The transaction was structured as a murabaha facility in line with the principles of Islamic Shari'a.
According to General Manager of ABC, Mohamed BuQais, this is the second time that the bank has arranged an Islamic financing facility for BCFC, the first one being a two-year, five million dollar murabaha facility signed in 2000. The purpose of the facility is to diversify BCFC's sources of funding, which were primarily medium term loans from conventional banks.
The Arab Banking Corp (ABC) owns ABC Islamic bank. It was incorporated in Bahrain in 1998 with an issued and paid-up capital of $42.5 million. The bank provides a full range of Shari'a compliant products and services including tax-efficient financial products, joint ventures, equity-related structures and treasury products, as well as short and longer-term investment opportunities either directly with the Bank or through its special purpose subsidiary companies, namely the ABC Islamic Fund and the ABC Clearing Company. — (menareport.com)
© 2002 Mena Report (www.menareport.com)