ABC Islamic Bank

Sharjah Islamic Bank obtains $265 mln murabaha facility

Abu Dhabi-listed Sharjah Islamic Bank said on Monday it had obtained a three-year, $265 million syndicated murabaha financing facility from a group of banks.
ABC Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital and Noor Bank were lead arrangers and bookrunners, Sharjah Islamic said without giving pricing details.

Key ABC Islamic Bank ratings are reaffirmed

The Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Bahrain-based ABC Islamic Bank at A+/A-1 on the national scale (long-term and short-term respectively), and A-/A-2 on the international scale with a 'Stable' outlook. The ratings agency said the overall fiduciary score of the bank has been assessed to be in the range of '76'“80' and indicates a well developed governance structure and strong fiduciary capacity, wherein rights of various stakeholders are well-protected. As the bank's business prospects continue to improve, enhancement in earnings is likely to be sustainable, the IIRA said. The bank's balance sheet has remained strong, sustained by sound capitalisation related indicators, it added.

ABC Islamic Bank posts net profit of $12 million

ABC Islamic Bank has announced that its net profit for last year was $12.2 million, 48 per cent higher than the previous year of $8.3m. Net profit for the fourth quarter of last year was $3m, 112pc higher than the same period of 2012. Total operating income grew 12.8pc to $18.1m compared to the previous year while operating expenses decreased by more than 20pc to $5.5m. No impairment provisions were required during the year. The bank's capital base remains very strong with a capital adequacy ratio of 27.6pc, predominantly Tier 1, which totalled 26.2pc. ABC Islamic Bank's total assets stood at $1.002 billion, compared to $1.067bn in 2012.

ABC Islamic Bank announces 48 per cent increase in 2013 year-end net profit of $12.2 million

ABC Islamic Bank has announced that its net profit for the year ending 2013 was $12.2 million, 48 per cent higher than the previous year of $8.3 million net profit. Net profit for the fourth quarter of 2013 was $3 million, 112 per cent higher than the same period of 2012. Total operating income grew 12.8 per cent to $18.1 million compared to $16 million in the previous year while operating expenses decreased by more than 20 per cent to $5.5 million. The Bank’s capital base remains very strong with a capital adequacy ratio of 27.6 per cent, predominantly Tier 1, which totalled 26.2 per cent. ABC Islamic Bank’s total assets stood at $1.002 billion.

Albaraka Türk secures $250m funding

Albaraka Türk has authorized a number of leading banks to arrange a a $250 million dual-currency syndicated finance facility. This facility shall be used for the expansion of Albaraka Türk's financing activities in Turkey. The tenor of the facility is one year and its profit rate is of 200 bppa over the Libor/Euribor. Among the participating banks are ABC Islamic Bank, Al Hilal Bank, Bank Islam Brunei Darussalam Berhad, Emirates NBD Capital, Noor Islamic Bank and Standard Chartered Bank.

ABC Islamic Bank announces US$8.1 million net profit for 2011

ABC Islamic Bank presented a net profit of $8.1 million for 2011, 293% higher than last year. Shareholders' equity at 31 December 2011 was $227.7 million, compared to $219.8 million at 2010 year-end. The bank's capital base is still very strong with a capital adequacy ratio of 27.5, predominantly Tier 1, which totalled 26.5%.
According to Mr. Naveed Khan, Managing Director, ABC Islamic Bank anticipates a growth of its financing activity selectively, as a result of both its recent drive to win new clients, and a gradual recovery in the borrowing appetite of customers.

Albaraka Türk Katilim Bankasi mandates $150 million facility

Albaraka Türk Kat?l?m Bankas? A.?. (“Albaraka Türk”) has authorized ABC Islamic Bank, Emirates NBD Bank, Noor Islamic Bank and Standard Chartered Bank (together the “Initial Mandated Lead Arrangers” and the “Bookrunners”) to arrange a $150 Million equivalent Dual-Currency Syndicated Murabaha Financing Facility on its behalf.
The facility was launched into general syndication on 29 June 2011. banks from all over the world were invited.

BAHRAIN: ABC Islamic Bank to boost customer base

ABC Islamic Bank expects to expand its customer base and develop new products this year as customers' appetite for borrowing returns.
The subsidiary of Bahrain-based Arab Banking Corporation on Thursday posted a net profit of $2.1 million this year compared to $10.1 million in 2009.

ABC Islamic Bank reports $2.1 million net profit for 2010

ABC Islamic Bank has announced a net profit of $2.1 million for 2010.
ABC Islamic Bank's total assets declined to $1.21 billion as of 31st December 2010 from $1.32 billion at 31st December 2009 mainly due to decline in available-for-sale investments, Murabaha receivables and Ijarah assets as a result of further de-risking of the balance sheet.

Syndicate lenders of Kuwait’s International Leasing & Investment Company

On behalf of the syndicate of creditors, the Investment Agent ABC Islamic Bank (E.C.), confirms that no meaningful proposal has been received from International Leasing and Investment Company in respect of restructuring its debts.

Investment Dar eyes "consensual restructuring plan"

Kuwait's indebted The Investment Dar Company held its first face-to-face meeting with the reconstituted Coordinating Committee last Thursday in Dubai.
At the meeting, the documentation relating to the official engagement of the committee was finalised, it said, and added that committee membership now includes Jordan International Bank, ABC Islamic Bank, Lloyds TSB Middle East, Al Rajhi Bank, the Islamic Development Bank, Bank of Bahrain and Kuwait.

ABC Islamic Bank registers nine month profit of US$1.6 million

ABC Islamic Bank announced a net profit of $1.6 million for the nine months ending 30th September 2010.
Shareholders’ equity at 30 September 2010 stood at $181 million.

ABC Islamic Bank announces US$1.8 million net profit for first quarter

ABC Islamic Bank today announced a net profit of $1.8 million for the first quarter of 2010 compared to $5.6 million for the first quarter of last year.

Commenting on the results, Mr. Naveed Khan, Managing Director, said, “ABC Islamic maintained a positive operating result in the first quarter of 2010 despite de-risking of the balance sheet and conservative provisioning on impaired assets from the previous year. This has been in line with Group and parent policy. However the bank is well poised for future growth as its capitalization ratio has a healthy cushion for selective growth.”

Al Baraka Turk Participation obtains $240 million Islamic financing

Albaraka Türk Katilim Bankasi A.S. (Al Baraka Turk), a subsidiary-banking unit of Al Baraka Banking Group BSC (ABG), signed a $240 million syndicated Islamic financing in Istanbul. Twenty two GCC, European and international banks (both Islamic and conventional) participated in the syndication. The syndication was arranged and managed by Standard Chartered Bank, ABC Islamic Bank (Bahrain) and Noor Islamic Bank (Dubai). The funding deal comes as part of Al Baraka Turk's strategy to further expand and diversify its financial resources and further strengthen its name in the domestic, regional and global financial markets. Al Baraka Turk will use the proceeds of the deal towards the ongoing implementation process of a range of existing and newer products and services offered by it.

US$75 million dual currency Murabaha facility for Turkish bank

ABC Islamic Bank along with Noor Islamic Bank PJSC and Standard Chartered Bank have been mandated by Turkey’s Bank Asya to arrange a US$75 million (and/or equivalent in Euros) syndicated dual currency Murabaha financing facility (the “Facility”).

The facility which offers a profit margin of 225bps over the applicable benchmark has been structured as a Shari’a compliant dual-currency facility with a one-year tenor. Proceeds will be used to fund Bank Asya’s Islamic trade finance activities.

ABC Islamic Bank in USD 100 mn general syndication for Kuwaits "Munshaat"

ABC Islamic Bank (the Initial Mandated Lead Arranger and Bookrunner) launched general syndication for Kuwaits Munshaat Real Estate Projects Company ("Munshaat"). ABC Islamic Bank had successfully closed the senior phase of the US$100 million, 3-year Syndicated Revolving Murabaha Financing Facility.
 
Prior to general syndication BNP Paribas, Emirates Bank International PJSC, and Saudi British Bank joined the facility as Mandated Lead Arrangers at the senior stage.
 
This is the debut syndication for Munshaat and the funds will be used to finance development of prime properties in the Holy Haram area in Makkah and Madinah in Saudi Arabia. Athman Investment Company, Kuwait is acting as the financial advisor to Munshaat Real Estate Projects Company for this financing.
 
Summary of the facility is as follows:
 
Borrower: Munshaat Real Estate Projects Company K.S.C.
 
Amount: US$100 million
 
Facility Type: Revolving Murabaha Financing Facility Purpose: Financing of prime properties in Makkah & Madinah
 

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