Gulf International Bank B.S.C closes debut $500mln Islamic syndicated financing facility
Gulf International Bank B.S.C. (GIB) today announced that it has successfully closed its debut US$500 million syndicated Murabaha financing facility, marking the Bank's first Islamic syndicated transaction in the international market. The three-year Shariah-compliant facility was well oversubscribed, driven by strong demand from a broad mix of leading regional and international banks.
The successful completion of the facility underscores GIB's sound financial position in the market. The strong interest garnered by the facility has enabled GIB to further diversify its funding base and facilitate the Bank's continued business growth across its core markets and key business lines.
Sara Abdulhadi, Chief Executive Officer of GIB B.S.C., said, 'We are proud to have successfully closed GIB's inaugural syndicated Murabaha facility, marking a key milestone in the ongoing diversification of our funding strategy. The strong response and oversubscription from such a diverse group of regional and international banks reflects tremendous market confidence in GIB's position as a leading pan-GCC universal bank.'
SMBC Group acted as the Initial Mandated Lead Arranger, Bookrunner and Coordinator for the facility. Emirates NBD Capital Limited and First Abu Dhabi Bank PJSC were the Mandated Lead Arrangers and Bookrunners.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
6 hours ago
- Daily Tribune
Al Baraka Islamic Bank launches home check-in service for World Elite Mastercard holders
Al Baraka Islamic Bank Bahrain, one of the leading Islamic banks in the Kingdom of Bahrain, is proud to announce the exclusive launch of the innovative Home Check-in Service for its valued World Elite Mastercard holders. This pioneering service enables customers to check-in their baggage and receive their boarding pass from the comfort of their home before boarding any Gulf Air flight, marking the first of its kind offered by a Bahraini bank. This unique initiative aligns with Al Baraka Islamic Bank's keenness to deliver diverse and distinguished services that enhance customer experience, catering to their need for comfort and luxury during travel. Developed in collaboration with Hala Bahrain, the service allows World Elite Mastercard holders to pre-book baggage check-in. A dedicated Hala Bahrain team will then visit the customer's residence to collect their luggage and complete all necessary shipping procedures, ensuring a seamless and hassle-free journey to the airport. Customers can simply visit the dedicated online platform and complete the required form at least 48 hours prior to their travel date. The Hala Bahrain team will follow up to coordinate the baggage pickup from the customer's home and issue the boarding pass. It is worth noting that this new service represents a significant addition to the range of exclusive privileges offered by the Al Baraka Islamic Bank World Elite Mastercard credit card in collaboration with Hala Bahrain, most notably free access to the luxurious Awal Private Terminal Lounge at Bahrain International Airport. Commenting on this new offering, Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, stated, 'We are proud to be the first bank in Bahrain to introduce this exclusive home check-in service in partnership with Hala Bahrain. It represents a significant step forward in providing superior services that surpass expectations and add genuine value to our customers' travel experience.' He continued, 'Delivering innovative solutions is part of our responsibility to enhance our customers' quality of life. This service embodies our commitment to our valued customers, embracing digital transformation in all valued added services that we provide as well as offering a comprehensive, convenient banking experience.' Dhaif added, 'We remain dedicated to developing more modern initiatives that meet our customers' aspirations and ensure their utmost comfort, reinforcing Al Baraka Islamic Bank's leading position in Islamic banking.' Al Baraka Islamic Bank is a leading Islamic bank in the Kingdom of Bahrain. Since its establishment in 1984, it has delivered outstanding results in operations and services for both individual and corporate clients. The bank has a proven track record of developing and providing innovative Shari'a-compliant investment solutions to a diverse global client base.
Daily Tribune
7 hours ago
- Daily Tribune
Stocks slide as Trump, Xi speak amid trade tensions
Stocks markets slid yesterday after US President Donald Trump and Chinese leader Xi Jinping spoke amid their trade war, while the European Central Bank signalled an end to its rate-cut cycle. Wall Street's major indices rose modestly as trading got underway, but had trouble holding onto the gains and soon slid into the red. Chinese state media reported that Xi had held a widely anticipated call with Trump, with investors hoping it could ease trade tensions -- but no details were provided. The call follows officials from the world's two biggest economies accusing each other of jeopardising a trade war truce agreed last month in Geneva. 'The stock market has traded more timidly of late... mindful that there are a number of loose ends out there on the tariff front, not the least of which is the direction the US-China trade relationship is headed,' said analyst Patrick O'Hare. After his return to the White House Trump launched a tariffs blitz, introducing a 10 percent minimum tariff and higher rates on many countries, with China subject to the highest rates. Some of the higher rates have been suspended as negotiations are underway. European stock markets were also in the red even though the ECB cut its key deposit rate a quarter point to two percent, as expected. It was its eighth reduction since June last year when it began lowering borrowing costs. But ECB President Christine Lagarde stated the central bank is 'getting to the end' of the rate cutting cycle, as inflation has largely dropped to its two percent target in the 20-nation currency bloc. That sent the euro surging against the dollar and European stocks gave up gains. The ECB's series of cuts stands in contrast to the US Federal Reserve, which has kept rates on hold recently amid fears that Trump's levies could stoke inflation in the world's top economy. Investors are now looking to the release on Friday of US non-farm payrolls data, which the Fed uses to help shape monetary policy. Other data released this week has been mixed. April jobs openings data beat expectations, but according to payroll firm ADP private-sector jobs rose by only 37,000 last month. This was a sharp slowdown from April's 60,000 and less than a third of the amount forecast in a Bloomberg survey. Another survey showed activity in the US services sector contracted in May for the first time since June last year.
Biz Bahrain
13 hours ago
- Biz Bahrain
AliExpress Revolutionizes the Online Shopping Experience with Electric Vehicles
AliExpress is pushing the boundaries of online shopping by enabling customers to purchase the latest electric vehicles (EVs) directly from their homes, marking a significant milestone for e-commerce globally. This unprecedented service will launch in June during the platform's Summer Sale, offering consumers an innovative way to embrace sustainable transportation. At the initial stage, the cars will only be sold to the UAE with the plan to expand to other GCC markets. The Ideal Fit Aligned with the UAE's Vision 2031, AliExpress will simplify the purchasing process for the latest brand-name EVs delivered from China. The UAE Vision 2031 seeks to position the nation as a leader across multiple sectors while enhancing the quality of life for its residents and ensuring sustainable development for future generations. This initiative serves as a perfect match for the country's aspirations, providing an accessible solution for consumers and promoting eco-conscious choices. By offering more affordable EVs, AliExpress is broadening the appeal of electric mobility across diverse demographic groups, benefiting all income brackets and contributing positively to the UAE's economy. Fueling the Future of Transportation The electric vehicle market in the UAE is witnessing significant growth, driven by government incentives and robust infrastructure investments. Currently, there are over 70,000 EVs in the UAE, and this number is expected to reach 100,000 by 2027. Residents are increasingly drawn to electric vehicles due to their environmental advantages, such as zero emissions and reduced air pollution, fostering a cleaner, healthier environment. Additionally, consumers appreciate the lower operating costs that EVs offer compared to traditional gasoline-powered vehicles. Transparency at Its Finest With AliExpress, purchasing the latest EV shipped from China has never been easier or more affordable. Through the platform's Big Save Channel, customers can conveniently select their desired model with AliExpress 15 years of e-commerce expertise. Once purchased, the electric vehicle will arrive via sea freight from China. This innovative approach is revolutionizing the way you shop for big-ticket items. Expect renowned brands like BYD, Geely, Jetour, and Toyota at significant savings, making these cutting-edge electric vehicles even more accessible to the Emirati consumer. The electric vehicle market in the United Arab Emirates is experiencing swift growth, driven by consumers' increasing demand for eco-friendly transportation, supportive government initiatives, and the establishment of a comprehensive charging infrastructure. Additionally, the country's commitment to sustainability has fostered a positive environment for electric vehicle adoption. In this dynamic landscape, AliExpress is stepping in to enhance accessibility by offering customers the ability to purchase the latest electric vehicles through its platform, further accelerating this shift toward sustainable mobility.
