Abu Dhabi Commercial Bank (ADCB) has approved a Dh300 million ($81.68 million) Mudaraba medium-term facility for Dubai Silicon Oasis Authority for part financing developments within the technology park.

The facility is being made available through the bank's Islamic unit, ADCB Meethaq, it said in a statement on Sunday.

The Mudaraba facility is a Shari'ah compliant partnership contract that allows profit from the project to be shared between the parties involved.

Dubai Silicon Oasis is a free zone technology park for the semiconductor, microelectronic and other high technology-based companies.-Reuters