The Bahrain based leading Islamic banking group, Albaraka Banking Group B.S.C (ABG) announced that its subsidiary in the Kingdom of Bahrain, Al-Baraka Islamic Bank, with the First Investment Bank completed the signing of a milestone transaction with a US$30m Murabaha facility for Al Khaleej Development Company (Tameer).
The signing ceremony took place at Al Baraka’s head office in the Diplomatic Area. Tameer was represented by Dr. Khalid Abdulla the CEO and Mr. Mohammed Abdulla the CFO. First Investment Bank's representatives were Mr. Hesham Yousef, Executive Director, Mr Salah Khalifa, Director of Investments and Mr. Abdulla Talib, Senior Associate, while on behalf of Al-Baraka Islamic Bank, Mr. Mohamed Al Mutaweh President and Chief Executive Officer and Board Member, Abdulaziz Al-Gosaibi AGM and Head of International Banking Department, Mr. Fouad Al Ouzani as Head of Credit Department, Mr. Hussain Al-Nattaie as Head of Corporate Banking and Syndications and Mr. Majeed Khalil and Mr. Ahmed Al-Hashel from Corporate Banking attended as signatories.
President & Chief Executive Officer of AlBaraka Islamic Bank, Mr. Mohamed Isa Al-Mutaweh stressed his utmost satisfaction with the transaction and said, "This club Murabaha facility is a big and proud step for AlBaraka family. It clearly demonstrates Al Baraka’s ability to arrange deals in our regional market for well-renowned borrowers, like Tameer. On another note, Dr. Abdulla stated that “We are delighted to sign this murabaha facility. This facility marks the beginning of new business relationships with Al Baraka and First Investment Bank. We are certain these banks are in a position to support our financing requirements.”
Mr. Al-Mutaweh added," Nonetheless, we at AlBaraka Islamic Bank promise to originate more transactions of this nature and to share them with our associate companies and strategic alliances ". 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 with First Investment Bank in a record time.
Tameer is a key player in the real estate industry in Bahrain and the GCC with diverse investments across the real estate sectors including residential, tourism, offices and industrial sectors. Tameer is cross-listed on both Bahrain and Kuwait Stock Exchanges. Tameer’s core business activities include real estate investments, project management, property management, and related advisory services.
The operation was arranged by Al Baraka Islamic Bank and jointly-underwritten by both Al Baraka Islamic Bank and First Investment Bank.
AlBaraka Islamic Bank is one of the Banking 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.