Ahmed Husain Al Katheeri endured sleep deprivation, hallucinations, and temperatures as low as -43 degrees Celsius
Ajman Bank and Commercial Bank of Dubai have raised $350 million (Dh1.28 billion) in Murabaha syndicated financing for the government of Pakistan.
The two UAE banks acted as mandated lead arrangers and book-runners for the facility on behalf of Pakistan’s Ministry of Finance. The Shariah-compliant Ajman Bank also acted as an investment agent for the facility.
Originally mandated to raise $200 million, the syndication facility was oversubscribed more than 75 per cent, driven by strong demand from local, regional and international investors. The transaction was fully subscribed by 12 banks, said a press statement issued on Wednesday.
The strong response from investors affirms investor confidence in Pakistan’s potential, supported by ongoing structural adjustments and continued investments in the physical infrastructure of the country.
Recently, Pakistan Cabinet approved the launch of Eurobond and sukuk to generate $3.5 billion during the current fiscal year. Islamabad aims to go for maximum fundraising due to low interest rates and the strong appetite of international investors.
According to the press statement, the other financial institution from the GCC that participated in the transaction include Gulf International Bank, The Arab Investment Company, Islamic Corporation for the Development of the Private Sector (ICD) and United Arab Bank.
“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 in our success,” said Mohamed Amiri, CEO of Ajman Bank.
“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,” said Dr Bernd van Linder, CEO of Commercial Bank of Dubai.
waheedabbas@khaleejtimes.com
Ahmed Husain Al Katheeri endured sleep deprivation, hallucinations, and temperatures as low as -43 degrees Celsius
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