Abu Dhabi Islamic Bank (Adib) announced that it has arranged a syndicated Dh1.14 billion ($310 million) Islamic financing deal for UAE’s Majid Al Futtaim (MAF) Group.
 
Adib acted as the initial mandated lead arranger, sole bookrunner, investment bank and security agent bank for the deal. Other banks that participated in the financing deal include Al Khaliji Commercial Bank as mandated lead arranger, Al Hilal Bank, First Gulf Bank and United Arab Bank as lead arrangers and Ajman Bank as arranger.

In addition Clifford Chance was the syndicate's counsel and Norton Rose was MAF counsel.

“We are pleased to lead the largest Islamic structured syndication in Dubai in 2010. This is a significant milestone as it is the first Islamic deal for MAF. The deal was extremely well received in the market and was upsized by 15 per cent due to strong demand,” stated Tirad Mahmoud, chief of Adib.-TradeArabia News Service