Saudi-based Al Bayan Group Holding Company said it has signed a $70 million syndicated Islamic term financing facility with a group of leading regional and international banks.

ABC Islamic Bank, the Islamic finance subsidiary of Arab Banking Corporation, was appointed as the initial mandated lead arranger and bookrunner.  Guidance Financial Group acted as Financial Adviser to Al Bayan.

The facility is Al Bayan’s debut syndication in the regional debt market, said a statement.

The new financing will be used for general corporate purposes and has established new banking relationships outside the company's home market of Saudi Arabia with ABC Islamic Bank, BBK., Emirates NBD Bank, Al-Baraka Islamic Bank – Bahrain, Bank of London and The Middle East and Maybank Bahrain.

Dr Abdulrahman Al Hammad, chief executive officer of Al Bayan, said: “This facility marks our first Islamic funding exercise in the region outside Saudi Arabia. We wish to thank all the participating banks for their support and look forward to working with them in the future.” - TradeArabia News Service