Qatar- Bahrain's Nogaholding secures 570 million Islamic loa...| MENAFN.COM

Sunday, 02 April 2023 02:40 GMT

Qatar- Bahrain's Nogaholding secures 570 million Islamic loan

(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.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.