ABC Islamic wins sole mandate from Kuwaiti firm

Strengthening its position as a leading Islamic bank in the GCC, Bahrain-based ABC Islamic Bank has won the distinction of being the sole mandated arranger for a US$100 million, five-year amortizing, revolving Murabaha facility for Kuwait's International Leasing & Investment Company (ILIC). The facility has been fully underwritten by ABC Islamic Bank.

Commenting on the deal, Dr. Khaled Al Hajeri, Chairman & CEO of ILIC said: "ILIC is pleased to have mandated ABC Islamic for this syndicated financing facility which will greatly help in supporting ILIC's fast growing assets portfolio. The company is already a $500 million plus financial institution with its main focus on lease financing in its target markets around the world.

He added: "With the strong growth in assets and business activities during the last seven years, ILIC believes that diversity in its funding sources is of paramount importance and in the interest of its shareholders and business partners."

Naveed Khan, Managing Director, ABC Islamic Bank, said: "We are delighted to have been awarded the sole mandate for this transaction following keen competition from other banks. We view ILIC as a growth oriented company in its stated mandate of promoting Islamic leasing within a rapidly growing Islamic banking market. We hope this transaction will provide further impetus for growth and help cement our existing relationship."