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Al Marasem to receive Sharia-compliant financing of EGP 940mn

Sunday 10 February 2019 06:54 PM


By Mohamed Salem:
Al Marasem International for Development Company signed contracts last week to receive a Sharia-compliant revolving loan worth EGP 940mn to meet financial obligations of its construction activity in new administrative capital.
Revolving financing allows customer to withdraw and deposit funds up to finance value and time limit agreed upon, which gives companies flexibility in using liquidity.
Al Marasem and other construction firms are constructing the residential district R5 in the new administrative capital in favor of Urban Communities Authority.
ADIB Capital acted as the financial advisor and financing promoter. Six local banks have participated in securing liquidity, according to sources.
In 2017, Al Marasem started to operationalize a sharia-complaint bridge loan deal worth EGP 900mn signed with a banking alliance made up of Banque Misr, Al Baraka Bank Egypt, Industrial Development and Workers Bank of Egypt (IDWB), Egyptian Arab Land Bank and the Arab Investment Bank.