UAE-based Ajman Bank has signed a $200 million sharia-complaint syndicated finance facility to support its banking activities.

The consortium of banks was led by Islamic bank Al Hilal Bank and was advised by global law firm Dentons, said a statement.

The dual tranche facility comprised Murabaha and Wakala structures for which the participants were regional Islamic banks, Al Hilal Bank , Emirates Islamic Bank, Sharjah Islamic Bank and Qatar Islamic Bank, it said.

Qasim Aslam, head of Islamic Finance, Middle East, Dentons, said: "We are pleased to have represented Al Hilal Bank and the other consortium members on this transaction.

“It typifies the range of bank debt deals and DCM financings across a vibrant institutional financing sector. It is very positive to see the increased ease of access for Islamic banks in this sector, driven in part by great advances in Islamic structuring." - TradeArabia News Service