The Middle East’s most innovative Islamic deal 2025

Kingdom of Bahrain US$1 billion commodity murabaha term financing

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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