Ajman Bank and Commercial Bank of Dubai have successfully concluded a $350 million joint Murabaha financing to Pakistan. Ajman Bank and Commercial Bank of Dubai acted as the primary lead arrangers for the financing provided to the Islamic Republic of Pakistan through the Ministry of Finance. Initial approval was $200 million, and the Islamic syndicated finance attracted 75% oversubscription driven by strong demand from local, regional and international investors. Subscribe to the deal in full 12 banks. Ajman Bank also acted as an investment agent for financing.
The funding represents another successful engagement of the Ministry of Finance and once again underscores confidence in Pakistan’s potential, backed by ongoing structural adjustments and ongoing investments in the country’s basic infrastructure. Gulf International Bank, Arab Investment Corporation, Islamic Corporation for the Development of the Private Sector, United Arab Bank, Commercial Bank of Dubai as well as Ajman Bank were the main investors from the Gulf Cooperation Council that participated in the transaction.
Mohammed Amiri, Chief Executive Officer, Ajman Bank, said: “The achievement supports our reputation and our distinguished position regionally and globally. We are constantly striving to enhance and diversify our financial resources through strategic investments in developing economies while adapting to the current economic situation of global markets.”
Dr. explained. Bernad van Linder, CEO of Commercial Bank of Dubai “We are proud to collaborate with Ajman Bank on this landmark transaction for the Islamic Republic of Pakistan.” This achievement is a great example of our focus on providing financing solutions to third parties in other countries, and will offer significant advantages to both the issuer and the institutions invested.”