DUBAI, March 22 (Reuters) - Ajman Bank
Dubai-based Noor Bank acted as the sole arranger and
bookrunner for the deal, while Emirates Islamic Bank, First Gulf
The deal consisted of a hybrid murabaha and wakala structure with a two-year lifespan, Noor said in the statement.
Murabaha is a cost-plus-profit arrangement where one party agrees to buy merchandise for another, which promises to buy it at an agreed mark-up. In wakala, one party acts as agent for another.
(Reporting by Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: firstname.lastname@example.org))
Keywords: AJMAN BANK LOANS/