Warba Bank has provided $25 million as part of a $155 million Syndicated Islamic Financing Facility for Ajman Bank based in the UAE.

The arrangement of the two-year Murabaha facility was led by Noor Bank, said a statement.

Ajman Bank is a sharia-based Islamic bank incorporated and headquartered in the Emirate of Ajman. The company was listed on Dubai Financial Market in February 2008 through an IPO which was oversubscribed by more than 85 times.

The company is actively supported by the Government of Ajman, as a majority shareholder, which holds 25 per cent of its shares. It started with a paid up capital of Dh1 billion and currently operates 11 branches spanning across the UAE.

Shaheen Al Ghanem, deputy chief executive officer, Warba Bank, said: "Warba Bank's participation in this deal reflects the success of the bank's strategy in looking for high quality growth opportunities which enhance the bank's position in key markets in the region. The GCC is characterised by strong economic fundamentals and promising opportunities for growth.

"Warba's participation in this syndicate affirms its strength and the financial stability of its portfolio investments. We are looking to continue the geographical diversification of our investments in order to achieve strong returns over short to medium term." - TradeArabia News Service