Bank Sarasin-Alpen arranges US$120 million Murabaha financing facility for Noor Islamic Bank
Bank Sarasin-Alpen (ME) Limited, a subsidiary of Bank Sarasin & Co. Ltd, a leading Swiss private bank arranged a USD 120 million Murabaha financing facility for Noor Islamic Bank PJSC. The finance facility which has been funded by Bank Sarasin & Co. Ltd, Switzerland has been designed to fund Noor Islamic Bank’s future investments and balance sheet management. The signing ceremony was held on 4 May 2010 at the Noor Islamic Bank Head Office and attended by senior management members from Bank Sarasin-Alpen and Noor Islamic Bank.
Rohit Walia, Executive Vice Chairman and CEO, Sarasin-Alpen and Alpen Capital Group: “We value our relationship with Noor Islamic Bank and are happy to play a role in its development. We are delighted that we were able to structure such an innovative transaction for them.”
Hussain AlQemzi, Group Chief Executive, Noor Islamic Bank PJSC: “We are pleased to have concluded this finance facility with Bank Sarasin and Alpen Capital. We look forward to working with them in other areas where their value added services would benefit our institution, our customers as well as our stakeholders.”
Fidelis M Goetz, Head of Private Banking, Bank Sarasin & Co. Ltd, Switzerland: “We are happy to have arranged an Islamic finance facility for Noor Islamic Bank. We launched our Islamic Wealth Management offering in November 2009 considering the growing interest in the area especially for clients in the Middle East and Asia. We look forward to concluding many more Islamic finance transactions in the region.”
The Sarasin Group is incorporated in the Middle East and India as Sarasin-Alpen. Bank Sarasin-Alpen was established in the Dubai International Financial Centre in 2005 and provides all private banking services of the Sarasin Group. It operates in all its locations along with its investment banking associate – Alpen Capital which provides corporate advisory services such as Equity Advisory, Debt Advisory, Mergers and Acquisitions advisory and Credit ratings advisory. Both organizations function through a simple but successful model where in the investment banking services of Alpen Capital complement the private banking services of Sarasin-Alpen.