Dubai – Mubasher: Ajman Bank and Commercial Bank of Dubai (CBD) have concluded Pakistan's $350 million Murabaha syndicated financing.

Both banks acted as initial mandated lead arrangers and bookrunners on the facility for Pakistan acting through the Ministry of Finance (MoF), with Ajman Bank also acting as an investment agent on the facility, according to a press release on Wednesday.

Originally mandated for $200 million, the Islamic syndication facility was more than 75% oversubscribed, attributed to strong demand from local, regional, and international investors.

The transaction was fully subscribed by 12 banks.

Gulf International Bank, The Arab Investment Company, Islamic Corporation for the Development of the Private Sector (ICD), United Arab Bank, Commercial Bank of Dubai (CBD), along with Ajman Bank were the key investors from the GCC region that participated in the transaction.

The CEO of Ajman Bank, Mohamed Amiri, said: "We constantly strive to strengthen and diversify our financial resources through strategic investments in developing economies while adapting to the current economic situation in the world markets."

Meanwhile, the CEO of CBD, Bernd van Linder, commented: "This achievement is a prime example of our focus on providing financing solutions for cross-border counterparties, and will provide substantial benefits to both the issuer and the institutional investors."