Kuwait International Bank has signed a $320 million three-year murabaha financing, the bank which arranged the transaction said on Monday.
The Kuwaiti lender will use the sharia-compliant financing facility, which is a cost-plus-profit arrangement, for general business purposes, the statement said. Bahrain-based Bank ABC, formally known as Arab Banking Corporation, and its Islamic arm acted as the arrangers and coordinators.
The facility had initially been marketed at $100 million but was increased in size after a marketing period which began in June.
In total, 13 regional and international banks participated in the deal, the statement added.
The facility carries an interest rate of 120 basis points over the London interbank offered rate (Libor), it was disclosed in the original June announcement.