Noor Bank closes AED850mn loan syndication to Ajman Bank

Noor Bank closes AED850mn loan syndication to Ajman Bank
Published: 15 November 2016 - 8:40 a.m.
By: Reuters

Noor Bank has closed the syndication of an 850 million dirham ($231.5 million) Islamic loan for United Arab Emirates-based Islamic lender Ajman Bank , Noor Bank said on Tuesday.

The two-year facility was led by Noor Bank as the initial mandated lead arranger and bookrunner. Other lead arrangers were Dubai Islamic Bank, First Gulf Bank, Sharjah Islamic Bank, The Arab Investment Co and Warba Bank. National Bank of Bahrain participated as arranger.

The sharia-compliant loan will be used to back Ajman Bank's future growth, according to a statement by Noor Bank. Reuters reported on the completion of the loan on November 2.




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