Beirut based BSEC Investment Bank and the Bahrain-based Shamil Bank have launched a 102 million Saudi riyal ($27 million) Shariah compliant investment Sukuk.
Caravan I Limited is the region’s first inventory fleet securitization transaction. The three-year maturity Shariah compliant transaction offers investors a right of recourse to the underlying assets.
The sukuk is backed by a pool of vehicles and vehicle lease agreements purchased from Hanco Rent A Car, a leading Saudi Arabian car leasing and rental company. BSEC acted as the deal Arranger and Structurer, while Shamil Bank was the Underwriter.
BSEC was established in 1994 as a Financial Institution under Lebanese law and is regulated by Central Bank of Lebanon. BSEC is part of the BEMO Bank Group operating in Lebanon, Syria, Cyprus, Luxembourg and France. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
