Euromoney has been informed by a source claiming to have been close to an eight-figure deal that cash-rich Saudi Islamic bank Al Rajhi entered into with troubled US bank Bear Stearns just before Christmas.
The transaction, which was made Islamic through a commodity-based structure, amounted to a deposit, according to the source, and will mature at the end of the 2008, with the possibility of being renewed thereafter.
“For Bear Stearns, this was an alternative source of debt.
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