IB Asia in US$45m murabaha deal with Qatar firm

IB Asia in US$45m murabaha deal with Qatar firm
Published: 01 June 2010

The Islamic Bank of Asia (IB Asia) this month provided Qatar National Cement Co (QNCC) with a US$45m murabaha facility.

The facility for QNCC, the country’s largest cement maker, is for general corporate financing over a period of three years.

Salem bin Butti Al Naimi, QNCC chairman and MD, said: ’The facility is an Islamic-based facility compliant with syariah and will be used for general corporate funding including working capital requirements.’