Quotes: 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
 Apr 1 2015 - India is least E-Commerce Friendly, Says UNCTADKNN India
(MENAFN - KNN India) India is one of the fastest growing e-commerce markets in the world, but the country's online retailing infrastructure is struggling to keep up. According to a new index compiled ...

 Apr 1 2015 - Al Qassimi takes 5th place in 1st leg of Abu Dhabi Desert ChallengeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Sheikh Khalid bin Faisal Al Qassimi, Abu Dhabi Racing Chairman, came in 5th overall on the first day of the Abu Dhabi Desert Challenge. Al Qassimi set a ...

 Apr 1 2015 - ADOR storms around Cape HornEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Abu Dhabi Ocean Racing (ADOR), the emirate's entry in the Volvo Ocean Race (VOR), has safely rounded ocean racing's most treacherous landmark - Cape Horn at the ...

 Apr 1 2015 - Alitalia and Etihad Airways support Expo Milano 2015 'Made Of Italians' programmeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) As Official Global Carriers of Expo Milano 2015, Alitalia and Etihad Airways will support the upcoming event's 'Made of Italians' programme by offering exclusive ...

 Apr 1 2015 - Abu Dhabi Chamber discuss expanding economic relations with SloveniaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Abu Dhabi Chamber of Commerce and Industry today received a trade delegation from the Republic of Slovenia which included representatives of 30 companies and ...

 Apr 1 2015 - OPEC daily basket price for Tuesday, 31st March 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The price of OPEC's basket of twelve crudes stood at US$51.06 a barrel on Tuesday, compared with US$51.45 the previous day, according to OPEC Secretariat ...

 Apr 1 2015 - Saudi Defense Minister receives two messages from Sudanese PresidentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Prince Mohammed bin Salman bin Abdulaziz, Minister of Defense, Chief of Royal Court, and Special Advisor to the Custodian of the Two Holy Mosques, has received ...

 Apr 1 2015 - UAE Banks Federation partners with SWIFT to lead discussion on global financial crime regulationsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Society for Worldwide Interbank Financial Telecommunication, SWIFT, has joined the UAE Banks Federation to bring together senior representatives from ...

 Apr 1 2015 - UAE Ambassador, Somalia's Minister for Higher Education discuss cooperation relationsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Mohammed Ahmed Othman Al Hammadi, UAE Ambassador to Somalia, and Somalia's Minister for Higher Education, Khadra Bashir Ali, have discussed ways to boost ...

 Apr 1 2015 - 1000 people of different nationalities including Emiratis registered for smart gate service of GDRFAEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) As many as 1000 people of different nationalities including Emirati citizens have applied at the smart gate service during the Dubai government achievement ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help