Dubai Islamic Bank Group has completed a US$101m Commodity Murabaha facility for DG Khan Cement Co to acquire Rafhan Maize Products Ltd. This structured Islamic financing facility enabled the Nishat Group to buy a majority stake in the maize products firm from Ingredion Incorporated. Dubai Islamic Bank served as the sole mandated lead advisor, Shariah advisor, arranger, and financier for the complex transaction, demonstrating its ability to deliver cross-border Islamic finance solutions.
Muhammad Ali Gulfaraz, chief executive officer of Dubai Islamic Bank Pakistan, described the deal as a significant achievement that showcases the bank's ability to provide tailored banking solutions for major corporate clients. The execution of the acquisition involved a collaborative effort between the bank, the cement company, mergers and acquisitions advisor Dada Partners, and legal teams from Mohsin Tayebaly and Company alongside Hogan Lovells. The transaction reinforces the financial institution's commitment to strategic corporate growth and highlights the strong partnership with the management of the purchasing corporate group.
By Abdul Rab Siddiqi, Pakistan
