AlBaraka signs US$15m deal for Amiantit Fiberglass Industries
AlBaraka Islamic Bank B.S.C (Bahrain), one of the banking units of Albaraka Banking Group (ABG), said that it has completed the signing of a milestone transaction with a US$15m Ijaraha Wa Iktina and Murabaha facilities for Amiantit Fiberglass Industries Ltd. Dammam – KSA, a subsidiary of the Saudi Arabian Amiantit Company.
The signing ceremony took place at Al Baraka’s head office in the Diplomatic area. On behalf of Dr. Solaiman AlTwaijri, CEO of Saudi Arabian Amiantit and President of Amiantit Fiberglass, Mr. Wehbe M. Rafih Chief Financial Officer and Mr. Mussab Al Wohabe the Assistant Chief Financial Officer represented the company, while on behalf of Al-Baraka Islamic Bank, Mr. Mohamed Al Mutaweh CEO and Board Member, Abdulaziz Al-Gosaibi AGM and Head of International Banking Department, Mr. Hussain Al-Nattaie as Head of Corporate Banking and Syndications and Mr. Noor ul Mobeen from Corporate Banking attended as signatories.
Amiantit Fiberglass Industries Ltd. (AFIL) was established in 1977 in Dammam, Kingdom of Saudi Arabia and became the leader in the design and manufacture of Glass Reinforced Plastic Pipes (GRP) with over 7,000 km of pipes and fittings produced to date. The company use state-of-the-art Flowtite Technology in the manufacturing process to produce pipes in diameters ranging from 80 mm to 4,000 mm that are widely used for Water transmission and distribution, Sanitary Sewerage Collection Systems & Treated Water, Storm Sewers, Sea water intake and Cooling water lines, Circulating Water, Make-up and blow–down lines for Power Plants and Desalination, Industrial and Chemical Wastes, Irrigation and Fire Fighting applications. In addition, the company is engaged in manufacturing a wide range of fiberglass fittings, manholes and storage tanks.
Chief Executive Officer of Al Baraka Islamic Bank, Mr. Mohamed Isa Al-Mutaweh stressed his utmost satisfaction with the transaction and said, "This Ijarah Wa Iktina and Murabaha facilities although not too large in amount is a big and proud step for Albaraka family. It clearly demonstrates Al Baraka’s ability to penetrate in the regional market for well-renowned borrowers, like Amiantit. On a final note, Mr. Al-Mutaweh concluded, “I would like to thank the Head of the International Banking Department and AGM, Mr. Abdulaziz Al-Gosaibi for his fine work and special thanks to members of his team for closing this deal successfully in a record time.
AlBaraka Islamic Bank is one of the Units of Albaraka Banking Group’s (ABG). Albaraka Banking Group (ABG) is a Bahrain Joint Stock Company listed on Bahrain and Dubai stock exchanges. It is a leading international Islamic bank with Standard and Poors long term and short term credit ratings of BBB- and A-3 respectively. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$1.5 billion, while total equity amounts to about US$1.57 billion. The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in twelve countries, which in turn provide their services through more than 250 branches. These banking units are Jordan Islamic Bank, Jordan; AlBaraka Islamic Bank, Bahrain; AlBaraka Islamic Bank, Pakistan; Banque AlBaraka D'Algerie, Algeria; AlBaraka Bank Sudan, Sudan; AlBaraka Bank, South Africa; AlBaraka Bank Lebanon, Lebanon; Bank Et-tamweel Al-Tunisi Al-Saudi, Tunisia; the Egyptian Saudi Finance Bank, Egypt; AlBaraka Turk Participation Bank, Turkey; AlBaraka Bank Syria (under formation) and a representative office in Indonesia.
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