Noor Bank has successfully arranged a US$155 million Syndicated Islamic Financing Facility for Ajman Bank. The syndicated facility, which shall be utilised towards general corporate purposes, is expected to augment Ajman Bank’s ambitious business plans. The Shari’a compliant facility consists of a hybrid Murabaha/Wakala structure with a two-year tenor.

Noor Bank, one of the leading Islamic banks in the UAE, acted as the Sole Arranger and Bookrunner, while Emirates Islamic Bank, First Gulf Bank, United Arab Bank and Warba Bank participated in the transaction.

Hussain Al Qemzi, CEO of Noor Bank and Group CEO of Noor Investment Group, said: “2014 was a defining year for Noor Bank in which we lead managed more than US$9.7 billion of capital market issuances across Europe, Middle East and Asia. This momentum has further continued into 2015 with the closing of Ajman Bank’s facility. We are delighted to work with Ajman Bank on such a landmark transaction and look forward to further strengthening our ties with them.”

Commenting on the facility, Mohamed Amiri, CEO of Ajman Bank, said: “This syndicated facility marks a momentous milestone in our relationship with Noor Bank and the participant banks. With a successful year behind us and a promising one ahead, we are committed to working closely with domestic and regional banks to reinforce the market confidence reposed in Ajman Bank.”

Akram Khan, EVP & Group Head of Wholesale Banking, said: “We are at a significant stage of our growth trajectory and the proceeds of this syndicated facility will further fuel our asset growth.”

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