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Warba Bank inks $400m murabaha deal with GCC banks

Warba Bank inks $400m murabaha deal with GCC banks
ABC was the main coordinator for this credit facility
Bank ABC
ABC
-9.86% 0.31 -0.03
ADCB
ADCB
-0.48% 8.36 -0.04
BOUBYAN
BOUBYAN
0.65% 620.00 4.00

FAB
NBAD
-0.90% 13.28 -0.12
WARBABANK
WARBABANK
0.00% 186.00 0.00

Mubasher: Warba Bank has signed a murabaha agreement to obtain three-year finance worth $400 million ($120 million).

Credit facilities to Warba Bank were offered by 15 banks in the Middle East and North Africa (MENA) region, Europe, and Asia, according to a bourse statement disclosed on Monday.

The murabaha agreement was lead arranged by Bahrain’s Arab Banking Corporation (ABC), the UAE’s Abu Dhabi Commercial Bank (ADBC), Kuwait’s Boubyan Bank, and the UAE’s First Abu Dhabi Bank as lead arrangers and bookrunners.

ABC was the main coordinator for this credit facility, while First Abu Dhabi Bank was the investment agent, the statement added.

This murabaha agreement will finance Warba Bank’s general operations.