Gulf banks to arrange $100m loan for IBA
Dubai, May 27, 2013
International Bank of Azerbaijan (IBA) has mandated JP Morgan and three top Gulf banks to arrange a $100 million syndicated loan for funding its Shariah-compliant financing activities in the country.
The top Gulf banks involved in the syndicated Murabaha financing deal are Qatar-based Barwa Bank and UAE-based Emirates NBD Capital and Noor Islamic Bank who together with JP Morgan will be the initial mandated lead arrangers and bookrunners.
The facility has a tenor of 18 months and carries a profit rate of 325 bppa over the relevant Libor, said a statement from IBA.
It was launched into general syndication on May 13 with banks mainly from Middle East and Asia invited to participate in the facility. IBA, along with bookrunners, had recently done roadshows in UAE, Bahrain and Qatar.
The largest bank in Azerbaijan, IBA operates through 37 branches and employs 1,204 personnel. IBA operates an Islamic window that provides Shari’a compliant financial services in Azerbaijan.-TradeArabia News Service