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Bahrain's Nogaholding Secures $570 million Islamic loan

Source: Reuters 3/30/2016, Location: Middle East

Nogaholding, the holding company for oil and gas assets owned by the government of Bahrain, signed to obtain a five-year, $570 million murabaha financing facility, it said.

The Islamic funding will support investment in a number of large oil and gas projects in the kingdom, including the BAPCO Modernisation Programme, a liquefied natural gas import terminal, and the Bahrain Gas Plant Project, it said.

The facility is provided by 10 international, regional and local institutions: Arab Banking Corp, Ahli United Bank, Arab Petroleum Investments Corp, Gulf International Bank, National Bank of Bahrain, Qatar Islamic Bank, Kuwait Finance House, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas and HSBC.

Murabaha financing is a cost-plus-profit arrangement which complies with Islamic finance standards. The facility is 60 percent larger than originally envisaged, the company said; in November, Reuters reported that Nogaholding was seeking a $350 million sharia-compliant loan, the first for the group. Pricing details were not given.

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