KFH Concludes US$155 Million Syndicated Murabahah Deal

Written by Writer on Wednesday, October 29th, 2008

KFH Concludes US$155 Million Syndicated Murabahah Deal

KUALA LUMPUR, Oct 28 (Bernama) — Liquidity Management House, a wholly-owned subsidiary of Kuwait Finance House KSC (KFH), has concluded a US$155 million (RM556.84 million) syndicated secured master murabahah facility for commercial real estate company Al Tijaria.

Al Tijaria is a listed Kuwaiti shareholding company engaged in the development of properties in Kuwait and other Gulf Cooperation Council (GCC) countries.

The murabahah deal was oversubscribed by 50 percent over the original sum offered, KFH said in a statement released from Kuwait Tuesday.

The facility will be utilised for general corporate purposes as well as funding of several prestigious ongoing property projects which Al Tijaria is engaged in, it added.

“The successful of the deal reflects the trust that global and regional banks and corporations have in the Kuwaiti economy and the decisions taken by the government,” said KFH’s group general manager and group chief executive officer Mohammed Sulaiman Al-Omar.

He said the success of amassing the funds amid the present financial crisis was testament of KFH’s stability and influence, both locally and globally, in addition to the strength of the Kuwaiti economy.

“This allows KFH to enrich the local market, through its operations of KFH in Malaysia, Singapore, Australia, Bahrain, Turkey and Jordon, which has led to the strong economic ties between these countries, Kuwait and the GCC bloc,” he added.

– BERNAMA