Despite difficult market conditions, the transaction was extremely well received in the market and raised significant interest from regional and international institutional investors, and was oversubscribed at the close, demonstrating the strength of both KFH-Bahrain and LMC to arrange such transactions.
Mr. Talal Al Zain, CEO of Mumtalakat, praised KFH-Bahrain and LMC in closing this deal and said, "I would like to thank both KFH-Bahrain and LMC for their world class capabilities, and we will be very happy to work again with them in the future".
Mr. Abdulhakeem Alkhayyat, the Managing Director and CEO of KFH-Bahrain, said:
"Despite the global financial crisis and economic downturn, and the ensuing impact on the GCC region during the year, the bank's involvement in this financing once again underscores KFH-Bahrain's strength and ability to structure similar deals. This highly successful syndication attests to the strong endorsement of our brand, and the leading role KFH-Bahrain is playing in supporting the growth of key economic sectors in the Kingdom and our commitment to provide world-class Shari'a compliant solutions for our customers."
KFH-Bahrain continues to offer financing to its clients, in light of the key role the banking sector is playing in funding vital development projects.
Since inception, KFH-Bahrain has forged enduring relationships with the Government, business sector and citizens of the Kingdom. The Bank remains committed either directly, or through our subsidiaries and associate companies. KFH-Bahrain continues to support initiatives designed to improve the infrastructure, develop industrial projects, and provide quality affordable housing. KFH-Bahrain looks forward to strengthening its partnership with the Government on future transactions.
With a global presence spanning several continents, KFH is in a unique position among Islamic banks to service its clients' needs. This global presence and strength gives KFH the reach to successfully arrange and place large deals through its Debt Capital Market team here in Bahrain.
KFH-Bahrain assets reached $3.6bn (as of 30 June 2009), with a $1.1bn increase over the same period last year with a rate of 42%, while KFH Group assets reached $37.6bn, with a $1.9bn increase over the same period last year with a rate of increase of 5%.