Kuwaiti telecom operator Zain signs $250m Islamic loan

Kuwaiti telecom operator Zain signs $250m Islamic loan

 

[caption id="attachment_14470" align="alignnone" width="400"] (Zain, which operates in eight countries in the Middle East and Africa, has signed the Murabaha sharia-compliant cost-plus-profit facility with lead lender Boubyan Bank , plus Kuwait International Bank and Qatar Islamic Bank. (File photo: Reuters))[/caption]

 

Kuwait’s Zain has secured a $250 million four-year Islamic loan from a syndicate of three Gulf banks, the telecommunications operator said on Wednesday.

 

Zain, which operates in eight countries in the Middle East and Africa, has signed the Murabaha sharia-compliant cost-plus-profit facility with lead lender Boubyan Bank , plus Kuwait International Bank and Qatar Islamic Bank.

 

Zain will use the money to meet its “operational and expansion financing needs”, it said in a statement.

 

(Reuters, Dubai)

 

(Al Arabiya News, 2 Wednesday April 2014 The Roman)