Noor Bank HAS successfully closed an AED850 million Syndicated Islamic Financing Facility for Ajman Bank. The two-year Sharia compliant facility will be utilised towards Ajman Bank’s future growth plans.

Noor Bank, a leading Sharia compliant bank in the UAE, was mandated for the second time to act as the Initial Mandated Lead Arranger and Book-runner for this transaction. Dubai Islamic Bank, First Gulf Bank, Sharjah Islamic Bank, The Arab Investment Company and Warba Bank joined the deal as Mandated Lead Arrangers, while National Bank of Bahrain participated as an Arranger.

Commenting on the facility, Hussain Al Qemzi, CEO of Noor Bank, said, "2016 has been another strong year for Noor Bank, with our syndications and capital markets deals reinforcing our leadership position. Ajman Bank entrusting Noor Bank with another syndication, is testament to our service quality and the relationship between the two institutions. We would like to thank Ajman Bank, as well as all our partner banks, who worked closely with us to ensure the successful closure of the transaction."

Mohamed Amiri, CEO of Ajman Bank, said, "The Syndicated Islamic Financing Agreement underscores Ajman Bank’s commitment to constantly improve our banking facilities. The value in this framework of cooperation with involved parties confirms our strong market positioning."