Shamil Seeks $100m Islamic Loan

MANAMA, 6 October 2005 — Bahrain-based Shamil Bank is seeking $100 million in Islamic financing, the lead arrangers said yesterday. BNP Paribas, Boubyan Bank and Gulf International Bank said in a joint statement they had fully underwritten the five-year Murabaha syndicated loan. Co-underwriters include Commercial Bank of Qatar and Raffeisen Zentralbank A.G. of Austria. The statement said interest is 0.95 percent above six-month LIBOR for the first three years and then 1.10 percent above LIBOR until maturity.