• 3-year dual currency Syndicated Murabaha facility in US$ and QAR
• QInvest acting as Sole Bookrunner and Structuring Advisor
• Qatar Islamic Bank as Mandated Lead Arranger
• Ahli United Bank, First Gulf Bank and QInvest as Lead Arrangers
Al Jazeera Finance (“AJF”) has signed a US$ 95.0 million (QAR 345.8 million) 3-year dual currency Murabaha facility with a syndicate of banks from the GCC, its first syndicated financing transaction.
QInvest acted as Sole Bookrunner and Structuring Advisor to AJF. Qatar Islamic Bank took the Mandate Lead Arranger (MLA) role and is also acting as the Investment Agent. Ahli United Bank, First Gulf Bank UAE and QInvest were the Lead Arrangers.
Established in 1989 and backed by major shareholders including Qatar National Bank, Qatar Insurance Company and its two founding shareholders being Qatar Islamic Bank and Awqaf (Ministry of Endowment and Islamic Affairs), AJF is today the oldest and largest consumer finance company in Qatar.
The activities of AJF are to pursue consumer financing opportunities in Qatar, including providing car financing, mortgages, retail and corporate financing, designed to improve the access to finance for retail customers, and to support the business growth of corporate clients, in particular small-to-medium-enterprises (SMEs), be it for business expansion purposes, the acquisition of a car, a house, consumer durables or additional funds for personal spending.
Speaking on the occasion of the signing ceremony, Amer Al Jabri, Chief Executive Officer of AJF commented: "We are pleased to announce this transaction as the agreement today is an important stepping stone towards diversifying our funding sources, and reaching out to a wider group of banking relationships”.
He further added: “We are pleased to be working with such strong and committed banking partners. The signing of this transaction is a testimony to the confidence of the GCC financial markets in Qatar and AJF”.
Tamim Hamad Al-Kawari, Chief Executive Officer of QInvest, commented: "The success of this deal is a testament to the efforts of all teams involved. QInvest has advised and is currently advising AJF and its shareholders on a number of initiatives and we are pleased with the partnerships that have been formed to successfully complete this milestone transaction”.
