By Andrei Skvarsky.
Emirates NBD, Dubai’s largest bank, has coordinated a $500m Islamic law-compliant syndicated loan for the government of Pakistan.
The loan was provided by a consortium of 12 banks and was oversubscribed by more than 40 per cent, Emirates NBD said in a statement.
The consortium comprised Emirates NBD, Commercial Bank of Dubai, Noor Bank, Allied Bank, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq Bank, Sharjah Islamic Bank, Samba Financial Group, Bank of Jordan, Habib Bank Limited and Union De Banques Arabes Et Francaises.
The loan was organised as a murabaha, a financing structure compliant with Sharia law.
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