Dubai’s Noor Bank, Qatar Islamic Bank (QIB) and Kuwait’s Warba Bank announced the closure of a $155 million (AED 569 million) Shariah-compliant receivable-backed syndicated financing facility for a UAE-based Jebel Ali Free Zone (JAFZ) company, said a press statement on Wednesday, reported Emirates 24/7.

The statement revealed that the loan was arranged for a reputed oil services company.

Noor Bank will act as lead arranger and book runner for the facility added to its role as the account bank, documentation bank, Sharia coordinator, as well as investment and security agent. The facility is designed to refinance existing debt and finance the company’s future capital expenditure, the statement added.