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Elaf Bank Extends Islamic Financing Facility in Malaysia
05 : 52 PM - 30/01/2012
Manama, Jan. 30. (BNA) -- Elaf Bank B.S.C. (c) (“Elaf Bank”) is pleased to announce that it has concluded an Ijarah Muntahia Bittamalluk facility to Serba Dinamik Sdn. Bhd. (“SDSB”) to finance a 5-year contract awarded by Petronas Carigali Sdn Bhd. SDSB is a Malaysian based company providing fully integrated and specialized engineering and maintenance services to oil and gas, petrochemical, and utilities companies in Malaysia, Indonesia and the Middle East and North Africa (“MENA”) region. Elaf Bank is the lead arranger and advisor for the USD5.0 million funding exercise, and the underwriter for Tranche 1 of the financing.

Dr. Jamil El Jaroudi, CEO of Elaf Bank, commented on the significance of this transaction in Malaysia. “We are pleased to have concluded this transaction with SDSB. 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 (in Malaysia).” Dr. Jaroudi added: “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 hubs in South East Asia and in the Middle East”.

Dr. Hj. Ir. Mohd Abdul Karim Bin Abdullah, the Group CEO of SDSB, expressed his confidence in Elaf Bank and in their endeavors to emerge as a major corporate financial advisor and arranger in Malaysia. Dr. Abdul Karim added, “We look forward to more sizeable deals to be concluded with our partners in the very near future in countries where SDSB Group is active in both South East Asia and the MENA region”.


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