• RLPC-Dubai Financial signs $1.5 bln Islamic loan

Reuters – Thursday, August 28

LONDON, Aug 27 – Dubai Financial Group has signed a $1.5 billion, three-year syndicated Islamic loan, the arranging banks announced on Wednesday.

The murabaha facility, which closed oversubscribed, pays a profit rate of 200 basis points . Proceeds will be used to explore new growth opportunities, support current investments, and refinance existing debt.

The deal, which is available in U.A.E. dirhams or Qatari riyals, as well as U.S. dollars, is the largest-ever multicurrency syndicated commodity murabaha transaction in the UAE, the banks added.

As previously reported, banks were invited to commit $75 million equivalent as mandated lead arrangers for an upfront fee of 75 bps, $50 million equivalent as lead arrangers for 60 bps, or $20 million equivalent as arrangers for 40 bps.

Arranging banks are Al Hilal Bank, Al Khaliji Commercial, First Gulf Bank, Noor Islamic Bank, Standard Bank and Royal Bank of Scotland. Noor Islamic Bank also acted as the sole sharia advisor and investment agent for the facility.

 

read more…………………..http://ph.news.yahoo.com/rtrs/20080827/tbs-dubai-financial-loans-7318940.html

 

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