The $1.2 billion Murabaha facility for Kuwait’s Mobile Telecommunications Co was solid proof of the growing appetite worldwide for Middle Eastern corporate risk in an Islamic finance format.
Saad Rahman, director of the global Islamic banking department at Calyon in Bahrain, which acted as one of the mandated lead arrangers of the transaction, says that the 28 financial institutions that participated in the syndication of the 12-month term loan were a well-diversified mix of lenders from Asia, Europe, the Middle East and North America.
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