Bahrain's Elaf Bank said it has concluded an funding facility for Malaysian company Serba Dinamik to help finance a five-year contract awarded by Petronas Carigali.

Serba is a major provider of integrated and specialised engineering and maintenance services to the oil and gas, petrochemical, and utilities companies in Malaysia, Indonesia and the Mena region.

Elaf Bank is the lead arranger and adviser for the $5 million Ijarah Muntahia Bittamalluk exercise, and the underwriter for Tranche 1 of the financing.

"We are pleased to have concluded this transaction with Serba Dinamik," Elaf Bank chief executive Dr Jamil El Jaroudi said.

"It has reinforced our belief that our decision to be on the ground in Malaysia is a correct one, giving us the advantage of being close to the business and the market here.

"This gives us the impetus to expand our coverage not only in Malaysia, but also in other South East Asian countries, and maintaining our commitment to bridge between the two Islamic finance hubs in South East Asia and in the Middle East," he said.

"We look forward to more sizeable deals to be concluded with our partners in the very near future in countries where Serba is active, South East Asia and Mena region," chief executive Dr Ir Mohd Abdul Karim bin Abdullah said.-TradeArabia News Service