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Oversubscribed 75 percent, the transaction was accomplished by Ajman Bank and Commercial Bank of Dubai.
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Twelve banks from the region fully subscribed the transaction in which Ajman Bank also acted as investment agent.
Ajman Bank and Commercial Bank of Dubai have successfully concluded Pakistan’s $350 million Murabaha syndicated financing, which attracted an oversubscription of 75 percent owing to a strong local, regional and international demand.
The two banks acted as initial mandated lead arrangers and book runners on the facility for Pakistan.
The syndication facility was originally mandated for $200 million and the transaction was fully subscribed by 12 banks.
In a statement, Ajman Bank said the facility marks another successful syndication for Pakistan’s ministry of finance and “reaffirms investor confidence in Pakistan’s potential, supported by ongoing structural adjustments and continued investments in the physical infrastructure of the country”.
Gulf International Bank, The Arab Investment Company, Islamic Corporation for the Development of the Private Sector (ICD), United Arab Bank, Commercial Bank of Dubai, along with Ajman Bank were the key investors from GCC that participated in the transaction.
Mohamed Amiri, Chief Executive Officer Ajman Bank said, “This Murabaha financing offers institutional investors the opportunity to participate our success.”