KIB facility to Zain Iraq unit

KUWAIT CITY, June 14, (KUNA): Kuwait International Bank (KIB) extended on Monday $125 million bilateral Murabaha financing facility to Atheer Iraq, the Iraqi subsidiary of Zain Group for a four-year tenure.

The proceeds were used to settle financing previously extended to enhance the capacity and quality of the subsidiary’s network, modernize its infrastructure and strengthen its customer service.

“We are delighted to have structured and arranged this Islamic facility for Zain Group, a major regional player in the Telecom sector. We look forward to continue supporting the group’s growth, which is underpinned by its strong business model, management team and shareholders,” said Vice Chairman and CEO of KIB Raed Bukhamseen complimented both KIB and Zain Group on the successful closing of this financing.

“This transaction supports the diversification of the Bank’s financing portfolio. This transaction also underscores KIB capability of leading, arranging and accommodating large ticket transactions on a bilateral basis,” he added.

Commenting on the successful closing of this transaction, General Manager of International Banking and Large Corporate Department Mohamed Khadiri said that this is a significant transaction for KIB, which demonstrates our business focused culture, quick turnaround and collaborative approach with our customers.