KIB closing its $250 mln Murabaha

KIB held an exclusive ceremony to mark the occasion of the Bank’s successful closing of a $250 million 3-year syndicated Murabaha financing facility. This landmark financing was concluded with a consortium of international and local banks viz; Standard Chartered Bank, First Abu Dhabi Bank, National Bank of Kuwait, Kuwait Finance House and Boubyan Bank.

Held at the Sheraton Hotel in Kuwait City, the event was an opportunity to express KIB’s appreciation to the banks and the law firms who contributed in achieveing this remarkable feat. The event was attended by KIB’s top management led by Mohamed Said El Saka, Deputy Chief Executive Officer & Acting Chief Executive Officer.

On this occasion, El Saka, said: “The competitive terms of this financing is a clear indication of the high confidence, strong reputation and ratings that KIB enjoys in the banking industry across the region. The success of this innovative syndication which was significantly oversubscribed is a definite endorsement of KIB’s strong track record, financial position and growth prospects.”

He also added: “This new facility will help KIB continue pursuing its strategic objectives to strengthen and confirm the Bank’s position as a leading Islamic bank in Kuwait. We thank all the banks who participated in the deal along with other advisors for their support and look forward to further strengthening our relationship in the future.”