Azerbaijan, Baku, 27 May / Trend E. Aliyev /
The UAE banks have been mandated by the International Bank of Azerbaijan (IBA or the Purchaser) to arrange a $100,000,000 Syndicated Murabaha Financing facility, a joint press-release released by the banks on Monday says.
"Emirates NBD Capital Limited (EMCAP), Barwa Bank, J.P. Morgan Limited (J.P. Morgan) and Noor Islamic Bank PJSC (Noor) (the Initial Mandated Lead Arrangers and Bookrunners) have been mandated by the International Bank of Azerbaijan (IBA or the Purchaser) to arrange a $100,000,000 Syndicated Murabaha Financing facility", according to the press-release.
Financing under the Facility will be used by IBA to expand its Shari'a compliant financing activities in Azerbaijan. The Facility has a tenor of 18 months and carries a profit rate of 325 bppa over the relevant Libor.
IBA operates an Islamic window that provides Shari'a compliant financial services in Azerbaijan.
The International Bank of Azerbaijan (IBA) was founded in January 1992 and is the country's largest bank. The bank's main shareholder is the Azerbaijani government with a 50.2 percent stake, whereas 49.8 percent of the shares are owned by private individuals and legal entities.
The official exchange rate on May 27 is 0.7846 AZN / USD.