July 1, 2019 / 10:12 AM / 3 months ago

UAE's Ajman Bank says it arranged $275 mln loan for Pakistan

DUBAI, July 1 (Reuters) - UAE-based Ajman Bank arranged a syndicated financing of $275 million for the government of Pakistan in May, the bank said on Monday.

A number of banks participated in the one-year Islamic loan, which has a Murabaha structure and was solely arranged by Ajman Bank, it said in a statement.

The Pakistani government last month signed a $375 million syndicated loan with UAE banks which included conventional and Islamic tranches.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. (Reporting by Saeed Azhar, editing by Davide Barbuscia)

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