(MENAFN - The Peninsula) Bank, Qatar's fastest growing Shari'ah compliant banking service provider, is the initial mandated lead arranger for Ezdan Holding Group's first tranche of its 500m debut syndication which closed on Monday, March 24, 2014, the bank announced here yesterday.
Ali Al Obaidli, CEO of Ezdan Group, said: "Aside from being the first 100 percent Islamic finance transaction internationally syndicated for a Qatari corporate and led by a Qatari bank, the response to the syndication show a wide acceptance of the new business direction Ezdan announced late last year."
Ezdan CFO Medhat Abdulmagid said: "It is important for Ezdan to strategically diversify sources of funding in order to support the companies vision for the future. Our aim is to be able to tap international liquidity with the same efficiency and effectiveness we enjoy in the local market."
Ezdan opted for an international placement of the transaction and Mashreq joined Barwa Bank as bookrunner. Speaki on behalf of Mashreq Bank, Dubai, Azeem ur Rahim, Head of International Corporate Banking, said, "We take pride in being partner of choice, and join Barwa Bank to deliver the first ever syndicated transaction for Ezdan.
The Mandated Lead Arrangers of the transaction were Ahli United Bank, Al Hilal Islamic Banking, Abu Dhabi Islamic Bank, QFC Branch, Bank Islam Brunei Darussalam, Mashreq Al Islami and Union National Bank. Qatar First Bank was Co-Arranger, Industrial and Commercial Bank of China Doha (QFC) Branch and Sharjah Islamic Bank were lead participants on the transaction.
The proceeds will be used to support the completion of key commercial and residential real estate developments in Qatar.
Barwa Bank Chief Business Officer, Khalid Al Ahbabi said, "This is a watershed deal that highlights the sophistication of companies in Qatar being able to come to market in different financing formats and of the local banking market to be able to lead manage such transactions.