Warba Bank participates in $155 million syndicated Facility for UAE’s Ajman Bank
Warba Bank announced it provided US $ 25 million as part of a US $ 155 million Syndicated Islamic Financing Facility for Ajman Bank based in the United Arab Emirates. Arrangement of the two-year Murabaha facility was led by Noor Bank PJSC.
Ajman Bank PJSC is a Shari’a based Islamic bank incorporated and headquartered in the Emirate of Ajman. The Company was listed on Dubai Financial Market in February 2008 through an IPO which was oversubscribed by more than 85 times. The Company is actively supported by the Government of Ajman, as a majority shareholder, which holds 25% of its shares. The Company started with a paid up capital of AED 1 Billion and currently operates 11 branches spanning across the UAE.
Mr. Shaheen Al Ghanem, Deputy CEO of Warba Bank, said: “Warba Bank’s participation in this deal reflects the success of the bank’s strategy in looking for high quality growth opportunities which enhance the bank’s position in key markets in the region. The GCC is characterized by strong economic fundamentals and promising opportunities for growth.”
Al Ghanem added: “Warba’s participation in this syndicate affirms its strength and the financial stability of its portfolio investments. We are looking to continue the geographical diversification of our investments in order to achieve strong returns over short to medium term.”
Al Ghamen restated Warba Bank’s commitment towards providing clients with innovative Sharia compliant financing solutions is in line with the bank’s three-year strategy and risk profile. He noted that this will enhance the ability of the bank to realize opportunities in the rapidly growing Islamic economy. Warba Bank has achieved prior successes in local and regional financing deals during the current year which includes financing to International Bank of Azerbaijan and Defacto Perakende Ticaret. During the last year the bank has also succeeded in leading a financing arrangement for one of the leading companies in the oil sector in UAE.