Arab Today, arab today noor bank qatar islamic bank and warba lead 155m for oil services company
Last Updated : GMT 18:40:43
Arab Today, arab today
Arab Today, arab today

Noor bank, Qatar Islamic bank and Warba Lead $155m for oil services company

Arab Today, arab today

Arab Today, arab today Noor bank, Qatar Islamic bank and Warba Lead $155m for oil services company

Noor bank
Dubai - WAM

Noor Bank, Qatar Islamic Bank (QIB) and Kuwait’s Warba Bank, the mandated lead arrangers (MLA), announced the successful closure of a US$155 million sharia compliant receivable backed syndicated financing facility for a UAE-based Jafza entity.
The facility is a pioneering landmark transaction that enabled the obligor to successfully securitise its future receivables guaranteed by multinational oil and gas companies (MNOCs).
Noor Bank acted as lead arranger and book runner for the facility besides its role as the account bank, documentation bank, sharia coordinator, as well as investment and security agent. The facility was designed to refinance existing debt and finance the company’s future capital expenditure.
Hussain Al Qemzi, GCEO, Noor Investment Group, and CEO Noor Bank, said: "Islamic financing is asset-backed, which delivers greater security to the obligor and financiers. We are pleased to have led the facility that allows us to support our obligor in achieving its financial goals. On the other hand, working with our partners, QIB and Warba Bank, has once again enabled us to benefit from the vast potential that the regional market holds. The synergy has also contributed to the development of a sustainable economic model and the growth of the Islamic economy within the Middle East." Bassel Gamal, Group CEO, QIB commented: "The signing of this agreement confirms the Bank’s strategy and commitment to providing innovative Islamic financial solutions that meet the requirements of regional corporate clients. This partnership between Noor Bank, QIB and Warba Bank is a testament of the strong cooperation between regional Islamic financial institutions to support strategic projects. This is another confirmation of our pioneering role in supporting the overall Islamic economy growth." The transaction underlines the mandated lead arrangers' commitment to structuring and promoting risk optimal innovative sharia compliant solutions for its customers. More importantly, the transaction supports the strategy of the MLAs to expand into the promising developing markets and provide sharia compliant financing solutions to newer markets and diverse customers.
Shaheen Al Ghanem, Deputy CEO, Warba Bank, said: "We are indeed very excited about this transaction; this is one of the many deals that Warba expects to bring to the market in this calendar year. We very much value our strategic relationship with Noor Bank and QIB, pre-eminent leaders in the regional financial markets." Al Ghanem reiterated that the transaction is in line with Warba's strategy to tap into the developing markets with significant potential for sharia compliant products in a risk optimal manner. Warba Bank is uniquely positioned to deliver exceptional financing solutions to its customers and is actively pursuing corporate finance activities globally with special emphasis on MENASA and with key focus on supporting the socially responsible lines of businesses.
Incorporated in 2006, the obligor is a world-class oil services company that has significant operations in surface oil-based services in the Middle East. The obligor serves the entire Middle East North Africa (MENA) region and enjoys a dominant market position with a stable customer base. The company offers a complete range of oil services and has appropriate infrastructure to cater to MNOCs.
The obligor has concluded a number of acquisitions to foray in other regional and international markets and is actively seeking to penetrate the Saudi Arabian market.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today noor bank qatar islamic bank and warba lead 155m for oil services company Arab Today, arab today noor bank qatar islamic bank and warba lead 155m for oil services company

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday