Trowers & Hamlins advises Bank ABC on USD 101m Shari’ah compliant financing transaction
The Murabaha facility was concluded on 20 September 2017 and was extended by a diverse syndicate of regional and international financial institutions including Boubyan Bank K.S.C.P., Dubai Islamic Bank PJSC, Emirates Islamic, Sharjah Islamic Bank, National Bank of Ras Al Khaimah (P.S.C.), The Islamic Corporation for the Development of the Private Sector, Federated Project and Trade Finance Tender Fund and Federated Project and Trade Finance Core Fund.
The firm advised on all aspects of the transaction including drafting all the principal documentation, managing local counsel and liaising with other local service providers as well as the Shari'a supervisory boards of the syndicate of financiers.
The facility, a debut syndication for Bahrain Islamic Bank, will be used for the bank's general funding purposes.
Niall McMorrow, Managing Associate who led the team, commented:
"As Bahrain Islamic Bank's first syndicated finance transaction this is a landmark deal for all the parties involved. We were enthused by the support we received from all the syndicate members and are truly honoured to have been able to support our client Bank ABC and their team with this project."
John McWall, Group Head of Syndications at Bank ABC commented:
“It was a pleasure working with Trowers & Hamlins on this debut syndication for Bahrain Islamic Bank and we are thankful for their support and professionalism in successfully closing the transaction.”
The Trowers & Hamlins multidisciplinary team of lawyers was led by Managing Associate Niall McMorrow and partner Elias Moubarak, supported by solicitor Shah Malik and paralegal Aishah Mansur-Noibi.
