The Kingdom of Bahrain has broken new ground with a $1 billion commodity murabaha term financing, marking its first Shariah-compliant syndicated term facility.
Fully underwritten by Middle Eastern banks, the transaction introduced an accordion feature that will be opened to further investors in a later phase, signalling confidence in regional liquidity.
Structured under AAOIFI guidelines, the murabaha drew on financiers from across the GCC and runs in parallel with a conventional tranche, delivering what arrangers describe as a back-to-back structure that establishes a clear pricing curve for Bahraini borrowers.
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