Saudi Aramco Mega Deals Boost EMEA Islamic Loans to Record Start - Bloomberg Business:
"The slump in oil prices since June has done little to damp appetite for Shariah-compliant credit in the Gulf.
Loan deals worth about $4 billion from Saudi Arabian Oil Co. and its joint venture Rabigh Refining & Petrochemical Co. have fueled the busiest ever start to a year for Islamic borrowing in Europe, the Middle East and Africa, according to data compiled by Bloomberg. About $7.1 billion of loans have been raised so far this year, compared with about $3 billion for the same period in 2014.
The increase in borrowing highlights how companies in the oil producing Gulf Cooperation Council are maintaining investment even after crude prices dropped about 50 percent since June. Shariah-compliant lenders are taking a bigger role in regional deals as the global Islamic finance industry’s assets are expected to almost double in the four years through 2018."
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