The well-diversified Al Ghurair Group has signed a $347.2 million (Dh1.275 billion) Islamic facility with a group of financial institutions including Mashreq, top executives told Emirates Business.
The facility has been structured in Ijara and Musharaka that require a sale and lease-back of the asset owned by the client, a Mashreq executive said.
Standard Chartered and Mashreq, which is majority owned by the Al Ghurair Group, were the lead book-runners and participating banks include First Gulf Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Arab African Bank and Ajman Bank.
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