Abu Dhabi Islamic Bank arranges syndicated Islamic finance deal for Majid Al Futtaim
- United Arab Emirates: Tuesday, December 14 - 2010 at 16:14
- PRESS RELEASE
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, announced today that it had arranged a syndicated, Dhs1.14bn Islamic financing deal for UAE's Majid Al Futtaim (MAF) Group.
Commenting on the syndicated Islamic financing, Tirad Mahmoud, CEO of ADIB said: "We are pleased to lead the largest Islamic structured syndication in Dubai in 2010. This is a significant milestone as it is the first Islamic deal for MAF. The deal was extremely well received in the market and was upsized by 15% due to strong demand. The financing of one of the leading GCC corporations represents our continuing commitment to the growth and development of the UAE as we continue to invest in its expansion. This transaction is further proof that ADIB has built a world-class Corporate Finance and Investment Banking organization with a full suite of Islamic Corporate Finance, investment and equity solutions. We are addressing the market's needs and are confident about realizing our ambitions."
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