Vitol, IAM Sign $80m Agreement

MANAMA, 16 July 2003 — ABC Islamic Bank E.C. Bahrain yesterday hosted a group of regional and international banks at the signing of the first stage Modaraba syndication of an $80 million commercial master Murabaha structured for Vitol S.A. of Switzerland.

Vitol S.A. and ABCIB Islamic Asset Management (IAM) have signed an $80 million Master Murabaha Agreement that forms the basis of this successful Modaraba participating Middle Eastern banks.

The facility is the first Islamic financing to be arranged for Vitol S.A., one of the world’s largest physical oil traders and has an innovative structure that focuses upon the real underlying physical trade that is the basis for Shariah compliant financing.