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EFAD Real Estate hires three banks for $200m Islamic refinance loan
DUBAI — EFAD Real Estate Co. WLL, the closely held Kuwaiti developer and investment company, hired three Asian and European banks to help it get a $200 million Islamic loan to refinance old debt.
DBS Group Holdings Ltd., The Islamic Bank of Asia and WestLB AG plan to sell some of a commodity Murabahah to other banks at promotional meetings in Kuala Lumpur, Dubai, Bahrain and London, they said in a joint statement e-mailed February 29.
The loan is for five years, although lenders can terminate their participation after three, the statement said, without indicating what profit rate the debt will pay.
EFAD is owned by Kuwait’s Al Roumi and Al Humaidhi families, according to the statement. It owns stakes in logistics and property ventures as well as Islamic finance companies Adeem Investment Co. and Investment Dar Co., through which it has holdings in British car-maker Aston Martin and the Grosvenor House apartments in London.
A Murabahah contract is an agreement to repay debt at cost plus a pre-agreed profit rate that complies with Muslim Shariah law’s ban on payment or receipt of interest.
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