Sharjah Islamic Bank PJSC (“Sharjah Islamic Bank”, “SIB” or the “Bank”) has executed a medium term USD 265 million Syndicated Murabaha Financing Facility with a group of select financial institutions.
SIB mandated ABC Islamic Bank (E.C.), Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, and Noor Bank PJSC as Initial Mandated Lead Arrangers (“IMLAs”) and Bookrunners to arrange the Facility on its behalf. The Facility, which carries a tenor of 3 years, will serve to diversify the Bank’s funding profile and include a source utilized for the first time.
The facility size was increased to USD 265 million from the initial target of USD 200 million due to oversubscription and strong support. The transaction received participations from a number of institutions for whom the Bank is a fresh credit.
The IMLAs and Bookrunners are pleased with the successful syndication of the Facility and wished Sharjah Islamic Bank continued growth and prosperity in the future.