ABC Islamic Bank closes a USD100 million syndicated revolving Murabaha financing facility for International Leasing & Investment Company, Kuwait

The event was attended by senior representatives of ILIC, ABC Islamic Bank, the Initial Mandated Lead Arranger and Bookrunner and the participating banks. At the signing ceremony, Dr. Khaled Al-Hajeri, Chairman & CEO of International Leasing & Investment Company appreciated the efforts of ABC Islamic Bank in arranging the facility and the trust of the syndication members, referring to the strong and distinguished performance of ILIC. Mr. Abdulmagid Breish, Chairman, ABC Islamic Bank said, "ABC Islamic Bank is delighted to have been given the opportunity to arrange this debut financing for ILIC. ILIC is a much-valued client of ABC Group and the arranging of this facility builds further on that excellent relationship." He also extended his thanks to all the participating banks for their support.

In spite of the strong support from the financial market to the facility and its eventual substantial oversubscription, ILIC has elected not to increase the Facility amount. Syndicate banks include leading institutions from the GCC, the Far East and Europe.

The 12-strong syndicate team comprises the following banks:

Bookrunner & Initial Mandated Lead Arranger:
ABC Islamic Bank (E.C.)

Mandated Lead Arrangers:
Boubyan Bank K.S.C.
Gulf International Bank B.S.C.
Raiffeisen Zentralbank Österreich Aktiengesellschaft
The Islamic Bank of Asia Limited

Lead Arranger:
Doha Bank
Dubai Bank PJSC

Co-Arranger:
British Arab Commercial Bank Ltd
Emirates Bank International PJSC

Lead Manager:
BANQUE BIA
BankMuscat International B.S.C. (c)
BLOM Development Bank S.A.L.

ILIC is a Kuwaiti shareholding company established in 1999 and is listed on the Kuwait Stock Exchange with a paid up capital of US$95 million. ILIC enjoys a strong shareholding which includes the Islamic Development Bank, AREF Investment Group and Kuwait Awqaf Public Foundation, with the remaining equity being held by the general public.

A leading player in the leasing sector in Kuwait and internationally, ILIC operates in accordance with Islamic Shari'a principles. The company is regulated by the Central Bank of Kuwait, Kuwait Stock Exchange and the Ministry of Commerce. For the year ended December 31, 2006, ILIC reported consolidated total assets of US$487.8 million and a net income of US$76 million, a 21% rise over the previous year. Shareholders Equity grew 45.6% to US$ 196.7 million and Retained Earnings increased 38% to US$73.34 million during 2006.