AJF signs QR346m murabaha deal with GCC banks syndicate
18 Feb 2013 05:27 GMT
 

QInvest acted as sole bookrunner and structuring advisor to Al Jazeera Finance . Qatar Islamic Bank took the mandated lead arranger role and was al (more)

QInvest acted as sole bookrunner and structuring advisor to Al Jazeera Finance . Qatar Islamic Bank took the mandated lead arranger role and was 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 QNB, Qatar Insurance Company and its two founding shareholders - Qatar Islamic Bank and Awqaf (Ministry of Endowment and Islamic Affairs), AJF is currently the oldest and largest consumer finance company in Qatar. AJF activities include car financing, mortgages, retail and corporate financing. The company seeks to improve the access to finance for retail customers, and to support the business growth of corporate clients, in particular small and medium enterprises (SMEs).

AJF chief executive Amer al-Jabri said, "We are pleased to announce this transaction as the agreement is an important stepping stone towards diversifying our funding sources, and reaching out to a wider group of banking relationships.

"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".

QInvest chief executive officer Tamim Hamad al-Kawari said, "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."

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