Noor Bank closes AED850 Million syndicated Islamic Financing Facility for Ajman Bank
Noor Bank successfully closed an AED 850 million Syndicated Islamic Financing Facility for Ajman Bank. The two-year Shari’a compliant facility shall be utilised towards Ajman Bank’s future growth plans.
Noor Bank, a leading Shari’a compliant bank in UAE, was mandated for the second time to act as the Initial Mandated Lead Arranger and Bookrunner for this transaction. Dubai Islamic Bank, First Gulf Bank, Sharjah Islamic Bank, The Arab Investment Company and Warba Bank joined the deal as Mandated Lead Arrangers, while National Bank of Bahrain participated as an Arranger.
Commenting on the facility, Hussain Al Qemzi, CEO, Noor Bank, said: “2016 has been another strong year for Noor Bank, with our syndications and capital markets deals reinforcing our leadership position. Ajman Bank entrusting Noor Bank with another syndication, is testament to our service quality and the relationship amongst the two institutions. We would like to thank Ajman Bank, as well as all our partner banks, who worked closely with us to ensure the successful closure of the transaction.”
Mohamed Amiri, CEO, Ajman Bank, stated: “The syndicated Islamic financing agreement underscores Ajman Bank’s commitment to constantly improve our banking facilities. The value in this framework of cooperation with involved parties confirm our strong market positioning”.
Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai - United Arab Emirates.
Among the youngest banks in the country, Noor Bank has achieved significant growth in the past 10 years. Today, in 2018, as we continue to grow, we are ranked the 11th largest bank in the UAE in terms of asset size.
Noor Bank is a full-service Shari’a-compliant bank, offering a comprehensive range of products and services - in corporate and personal banking, wealth management, Takaful (Islamic insurance), treasury and trading. We have a presence across the country, at multiple locations in Abu Dhabi, Dubai, Sharjah and Al Ain.