Qatar- Bahrain's Nogaholding secures 570 million Islamic loan
3/31/2016 1:23:22 PM
(MENAFN- The Peninsula) The funding will support investment in oil and gas projects in the kingdom.
Dubai:Nogaholding the holding company for oil and gas assets owned by the government of Bahrain signed to obtain a five-year $570 million murabaha financing facility it said on Wednesday.
The Islamic funding will support investment in a number of large oil and gas projects in the kingdom including the BAPCO Modernisation Programme a liquefied natural gas import terminal and the Bahrain Gas Plant Project it said.
The facility is provided by 10 international regional and local institutions: Arab Banking Corp Ahli United Bank Arab Petroleum Investments Corp Gulf International Bank National Bank of Bahrain Qatar Islamic Bank Kuwait Finance House Bank of Tokyo-Mitsubishi UFJ BNP Paribas and HSBC.
Murabaha financing is a cost-plus-profit arrangement which complies with Islamic finance standards. The facility is 60 percent larger than originally envisaged the company said; in November Reuters reported that Nogaholding was seeking a $350 million sharia-compliant loan the first for the group. Pricing details were not given.