ABC Islamic Bank grants $5 million facility to FFC
Bahrain-based ABC Islamic Bank and First Finance Company (FFC), Qatar recently signed a revolving Murabaha agreement for five million dollars. The facility will be used to boost ABC Islamic’s operating capital and enhance its capability to deliver new financial services.
The Bank's officials on the other hand value the deal, which they believe will provide the Bank with an opportunity to develop Qatar’s consumer financing market.
FFC, which is a Qatari public shareholding company, was incorporated in 1999 to carry out consumer financing activities in accordance with Islamic Shari’a law.
The company commenced its business operations by offering various types of customer-friendly Islamic financing facilities in the form of Murabaha, Musawama, and other Islamic financing products to finance the purchase of automobiles, household equipment, computer, real estate and other industrial projects. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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