Ajman Bank And Commercial Bank Of Dubai Conclude Pakistan’s $ 350 Million Murabaha Syndicated Financing

Press release
Published July 28th, 2021 - 10:15 GMT
Ajman Bank And Commercial Bank Of Dubai Conclude Pakistan’s $ 350 Million Murabaha Syndicated Financing
Mr. Mohamad Amiri.
Highlights
Ajman Bank and Commercial Bank of Dubai successfully conclude Pakistan's US$ 350 Million Murabaha Syndicated Financing.

Ajman Bank and Commercial Bank of Dubai successfully conclude Pakistan's US$ 350 Million Murabaha Syndicated Financing. Both Ajman Bank PJSC and Commercial Bank of Dubai PSC acted as Initial Mandated Lead Arrangers and Bookrunners on the facility for Islamic Republic of Pakistan acting through Ministry of Finance (MoF). Originally mandated for USD 200 Million, the Islamic Syndication Facility attracted more than 75% oversubscription driven by strong demand from local, regional and international investors. The transaction was fully subscribed by 12 banks. Ajman Bank PJSC also acted as Investment Agent on the facility. 

The Facility marks another successful syndication for MoF and reaffirms investor confidence in Pakistan’s potential, supported by ongoing structural adjustments and continued investments in the physical infrastructure of the country.  

Gulf International Bank, The Arab Investment Company, Islamic Corporation for the Development of the Private Sector (ICD), United Arab Bank, Commercial Bank of Dubai, along with Ajman Bank were the key investors from GCC that participated in the transaction. 

Making the announcement, Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We are delighted by the success of this Murabaha financing deal in Pakistan in collaboration with the Commercial Bank of Dubai. The phenomenal accomplishment endorses our reputation and distinguished position regionally and internationally. We constantly strive to strengthen and diversify our financial resources through strategic investments in developing economies while adapting to the current economic situation in the world markets. This Murabaha financing offers institutional investors the opportunity to participate our success.”

Dr Bernd van Linder, CEO of Commercial Bank of Dubai, stated: “We are proud to collaborate with Ajman Bank on this landmark transaction for the Islamic Republic of Pakistan. This achievement is a prime example of our focus on providing financing solutions for cross-border counterparties, and will provide substantial benefits to both the issuer and the institutional investors”.

Background Information

Ajman Bank

Ajman Bank is a young, agile Islamic commercial bank that provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman Bank seeks out the market’s best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking. 

Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate’s economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.

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