Noor, QIB and Warba Bank collaborate in a US$155 million landmark Islamic financing facility

59 days to go Friday 18th July 2014 Noor, QIB and Warba Bank collaborate in a US$155 million landmark Islamic financing facility Daily Cover GLOBAL: Noor Bank, Qatar Islamic Bank (QIB) and Kuwait’s Warba Bank have teamed up to provide a US$155 million Shariah compliant receivable backed syndicated financing facility to a company based in Dubai’s Jebel Ali Free Zone. The landmark transaction enables the obligor to securitize its future receivables guaranteed by multinational oil and gas companies. The facility was structured to refinance the company’s existing debt and fund its future capital expenditure. According to Bassel Gamal, the group CEO of QIB, the partnership between Noor, QIB and Warba Bank is a testament to the strong cooperation between regional Islamic financial institutions to support strategic projects. “This is another confirmation of our pioneering role in supporting the overall Islamic economy growth.” Sharing the same sentiments Hussain Al-Qemzi, CEO of Noor Bank, pointed out: “Islamic financing is asset-backed, which delivers greater security to the obligor and financiers. Working with our partners, QIB and Warba Bank, has once again enabled us to benefit from the vast potential that the regional market holds. The synergy has also contributed to the development of a sustainable economic model and the growth of the Islamic economy within the Middle East.” Based on local reports the obligor was incorporated in 2006 and is a world-class oil services company with significant operations in surface oil-based services in the Middle East. The obligor enjoys a dominant market position and caters to the MENA region. It has concluded several acquisitions to make a foray into other regional and international markets and is currently seeking to penetrate the Saudi Arabian market. 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