"Emirates Islamic" Completes the first joint financing facility worth $500 million
Dubai, April 18 / WAM / Emirates Islamic Bank announced the successful completion of the first joint financing facility worth $500 million, for a period of three years.
The bank said in a statement that this historic deal is the first of its kind offered by a financial institution compatible with the provisions of Islamic Sharia.
He added that the deal was designed as a term facility for financing commodities under the Murabaha system in accordance with the principles of Islamic Sharia stipulated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and the proceeds from the deal will be used for general institutional financing purposes consistent with the provisions of Islamic Sharia.
According to the statement, the new financing facility contributes to supporting the bank’s balance sheet by enhancing its ability to support customers in addition to its strategic growth ambitions. The successful completion of the deal also reflects the market’s confidence in the growth strategy and financial strength of Emirates Islamic Bank.
Farid Al Mulla, CEO of Emirates Islamic, said: “We are very pleased with the completion of this historic deal, which consolidates Emirates Islamic’s position as one of the leading Sharia-compliant banks in the United Arab Emirates. As a prominent local Islamic bank, Emirates Islamic remains committed to contributing In the progress of the country by leading innovations in the Islamic banking sector, and launching innovative products and services that are compatible with the provisions of Islamic Sharia and keep pace with the highest standards of ethical banking services.”
For his part, Mohammed Kamran Wajid, Executive Vice President at Emirates Islamic, said: “Over the past two decades, we have remained committed to providing exceptional banking services to customers, and this financing facility compatible with the provisions of Islamic Sharia will contribute to enhancing customer confidence in Emirates Islamic, and we are proud of concluding a financing facility.” “At this scale to support our ambitious growth targets.”
It is worth noting that Emirates NBD Capital Limited, HSBC Bank Middle East Limited, and Standard Chartered Bank played the role of joint global coordinators, lead arrangers and lead managers in the deal.
Emirates Islamic continues to lead the market by creating products that comply with the provisions of Islamic Sharia.
In 2023, the bank strengthened its commitment to deepening and enhancing liquidity in the local currency sukuk market, through a public issuance of sukuks worth one billion dirhams.
Subscription requests for this historic issuance with a maturity period of three years exceeded the volume of supply by 2.5 times, confirming the strength of the dirham-denominated Sukuk market and enhancing confidence in the local currency market on the part of global investors committed to the provisions and principles of Islamic Sharia.
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