Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

FEB signs Euro 25 million Murabaha Facility  Join our daily free Newsletter

MENAFN Press - 08/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) First Energy Bank ("FEB") today announced the signing of a Euro 25 million Murabaha facility with Kore Coal Finance B.V., established in the Netherlands and a subsidiary of Sapinda Holding B.V. The financing will assist Sapinda in enhancing its investments in an internationally operating resource company which owns coal mining assets in South Africa. This Islamic facility supplements the recently concluded conventional Profit Participation Note of Euro 55 million raised by Kore Coal Finance with a similar objective.



The Murabaha facility has been structured on the basis of an attractive return and will be repaid by October 2016. FEB is acting as the Investment Agent and the Security Agent under this Murabaha financing



"FEB is very pleased to extend its network relationships to conclude a Shariah compliant Euro facility, with an affiliate of Sapinda. This transaction marks the long term commitment of FEB to seize attractive and income generating opportunities", said Mr. Mohamed Ghanem, Chief Executive Officer of FEB



"We are very delighted to announce the successful closing of this transaction. We look forward to further diversify in asset classes which can generate similar sustained income streams", said Mr. Tarun Puri, Head of Investment Management at FEB.



About First Energy Bank
About First Energy Bank (FEB) is an Islamic investment bank licensed by the Central Bank of Bahrain and headquartered in Manama, Kingdom of Bahrain. The bank focuses on investments in the production, transportation, storage and refining of hydrocarbons, as well as oilfield services and energy sector technologies. FEB also explores new opportunities to invest in the development of power generation capacity and renewable energy technologies. FEB was established in June 2008, with an authorized share capital of US2 billion and a paid up capital of US1 billion. The bank's shareholders include a range of organizations and individuals with interests in the energy sector from the Kingdom of Bahrain, the United Arab Emirates, Libya, the Kingdom of Saudi Arabia and other countries in the region. About Sapinda HoldingSapinda Holding B.V. is established in the Netherlands, while its largest office is located in London. The group has offices across Europe, Africa and Asia, including London, Berlin, Amsterdam, Johannesburg, Moscow and Hong Kong, and employs a large team of professionals in management, back office and execution functions.Sapinda is a privately owned investment holding company, which focuses on investment opportunities across continental Europe, Asia and Africa. Sapinda manages a global portfolio of long-term holdings in selected sectors and industries, with current focus on agriculture, mining, oil & gas and technology. The group invests in both the private and public sectors.

 


MENAFN Press




  MENA News Headlines
 Oct 31 2014 - MC4-1 Rambowleros Zuhair Fayez 1 rule 10th KAMC Friendship GamesArab News
(MENAFN - Arab News) In keeping with tradition the Employee Social Club and Recreation Services of King Abdulaziz Medical City-Jeddah Western Region held its 10th KAMC Friendship Bowling Games at ...

 Oct 31 2014 - Saudi- Guardians overcome Absar host team Maskan Arabia bounces backArab News
(MENAFN - Arab News) RIYADH: JOEY JULATON SALEMPowerhouse Guardians (Diablo) got the better of equally talented Absar team 108-104 in a high-scoring game during the second week of action in the 2nd ...

 Oct 31 2014 - Saudi- Majid rolls perfect 300 Gilas back-to-back Team of Week in FTBJ-ICBL eventArab News
(MENAFN - Arab News) For the second time in three weeks in leagues organized by Filipino Tenpin Bowlers of Jeddah perfect 300 game found a new owner in Majid Aslani.Following the lead of Randy Mata ...

 Oct 31 2014 - Saudi- Al Faisaliah captures Inter-Hotels crownArab News
(MENAFN - Arab News) Al Faisaliah coached by Francis Balanquit finished off Sheraton Riyadh Hotel & Towrs by winning Game 3 of the best-of-three championship series 75-72 in a pulsating contest ...

 Oct 31 2014 - Saudi- Lahore Lions win thriller against KFSHArab News
(MENAFN - Arab News) RIYADH: Lahore Lions scored a thrilling six-wicket win over King Faisal Specialist Hospital in a seventh round match of the American Express Twenty20 cricket tournament organized ...

 Oct 31 2014 - Saudi- Desert Warriors goes down fighting to ARM Afroz slams ton for TamerArab News
(MENAFN - Arab News) JEDDAH: Desert Warriors went down fighting to ARM by six runs in the Ace Travel Premier League division morning session week-seven match organized by the Jeddah Cricket ...

 Oct 31 2014 - Amman accuses Israel of 'state terrorism' in JerusalemArab News
(MENAFN - Arab News) AMMAN: Jordan on Thursday accused Israel of 'state terrorism' after it closed Jerusalem's flashpoint Al-Aqsa mosque compound the third holiest site in Islam.Israel said its ...

 Oct 31 2014 - Saudi- Most erring doctors have master's Ph.D. degreesArab News
(MENAFN - Arab News) A whopping 70 percent of medical practitioners who have committed medical errors over the last five years hold master's and doctoral degrees local media said quoting a report ...

 Oct 31 2014 - Saudi- Energy efficient appliances and insulated houses can save powerArab News
(MENAFN - Arab News) Uninsulated buildings cars and industrial activity consume 90 percent of the energy produced in Saudi Arabia an expert from the Saudi Energy Efficiency Center (SEEC) said ...

 Oct 31 2014 - Saudi- Conference encourages media voluntarismArab News
(MENAFN - Arab News) A media volunteer group held its second media volunteers conference on Wednesday night at the Dar Al-Uloom University's auditorium in the Saudi capital.'This conference aims to ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help