The Saudi British Bank & IFC Sign SAR187m Islamic housing deal

IFC will provide 12 year funding to SABB for the Saudi Rial equivalent of USD50m under a Murabaha facility to fund SABB's Islamic home financing product, Manazil.

Geoff Calvert, Managing Director of SABB said; "This is a significant step to support our programme to help Saudi citizens to purchase or build a home. SABB is proud to have been selected by the IFC and looks forward to expanding home ownership in the Kingdom.

IFC, with total assets of US$32.4 billion as at 31st December 2004, is a member of the World Bank Group, responsible for private sector investments in developing countries. IFC provide financing and equity investments, advisory services, and guarantees. IFC has ratings of AAA/Aaa from Standard and Poor's and Moody's respectively.

The selection of SABB for this prestigious financing was a result of the project being compatible with a long-term mortgage programme launched by SABB as part of its long-term financing portfolio. The strength of SABB and the diversity of its products and services as well as its wide base and strong management encouraged IFC to choose SABB for this transaction.