The secured Morabaha facility (Sharia-compliant Islamic finance) is fully underwritten by AUB.
Ithmaar Bank is listed on the Bahrain and Kuwait Stock Exchanges and holds a full Islamic Retail banking license issued by the Central Bank of Bahrain. The bank’s activities include retail banking, commercial banking, asset management and private banking.
Ithmaar Bank said that the transaction marks the return of Ithmaar Bank to the credit markets after its reorganization and transformation into an Islamic retail-focused bank earlier this year.
Ithmaar Bank chief executives and member of the board Mohammed Bucheerei said the $167m Morabaha facility will be used to improve the maturity matching of assets and liabilities as part of the bank’s overall liquidity management.
AUB is a regional banking group based in Bahrain with subsidiary and associate banks in Kuwait, Qatar, Oman, Egypt, Iraq, Libya and the UK. The group provides retail, corporate, private banking and wealth management services, both conventional and Sharia-compliant to its customers.
