Stan Chart sole coordinating bank, FAB acts as Investment Agent Bank for deal
KUWAIT CITY, June 13: KIB has successfully closed a US$ 250 million 3-year Syndicated Murabaha Financing Facility with a consortium of international and local banks, which was oversubscribed. Standard Chartered Bank was the sole Coordinating Bank, while First Abu Dhabi Bank acted as the Investment Agent Bank for the facility.
Commenting on the successful closure of the transaction, Sheikh Mohammed Jarrah Al-Sabah, Chairman of KIB, said: “The strong participation by various banks in this syndicated facility is a testament of our solid position, reaffirming KIB’s reputation and trust within the international financial arena. We are proud of the confidence that is placed in our ability and expertise to tap the capital markets with competitive deals. The resources garnered through the deal are in line with the Bank’s strategy to diversify its funding sources required for pursuing our asset growth plans.”
On this occasion, Mohamed El Saka, Deputy Chief Executive Officer & Acting Chief Executive Officer of KIB said: “The competitive terms of this financing is a clear indication of the high confidence and strong reputation KIB enjoys in the banking industry across the region. The success of this syndication is a definite endorsement of KIB’s strong track record, financial position and growth prospects. Due to strong market appetite, the facility was significantly oversubscribed but we decided to cap it at US$ 250 Million. This new facility will support KIB’s strategic objectives to strengthen and confirm our position as a leading Islamic bank in Kuwait. We would like to thank all banks who participated in this deal for their trust and continued support and look forward to further strengthening our relationship.”