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UAE's Ajman Bank agrees $155 mln syndicated Islamic loan

  • 22 March, 2015

DUBAI, March 22 (Reuters) - Ajman Bank AJBNK.DU , the United Arab Emirates' lender, has secured a $155 million syndicated Islamic loan for general business purposes, according to a statement from the arranger of the deal on Sunday.

Dubai-based Noor Bank acted as the sole arranger and bookrunner for the deal, while Emirates Islamic Bank, First Gulf Bank FGB.AD , United Arab Bank UAB.AD and Warba Bank WARB.KW participated in the loan.

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) ((; +97144536265; Reuters Messaging: