Dubai—Dentons has advised Ajman Bank on US$155 million Islamic financing facilities made available by a syndicate of banks. The facilities comprise of a dual commodity murabaha and wakala arrangement with a two year lifespan. Noor Bank acted as the arranger and bookrunner for the deal, and along with Emirates Islamic Bank, First Gulf Bank, United Arab Bank and Warba Bank which participated in the facilities.
 
Qasim Aslam, Dentons' Partner and Head of Islamic Finance - Middle East, commented, "We are delighted to have represented Ajman Bank. This transaction follows on from the US$200 million Shariah-compliant syndicated facility to Ajman Bank that we worked on in December 2014. It is great to assist on transactions that service liquidity management requirements of financial institutions. This is a vibrant area which often tells us the pulse of the banking market."
 
The Dentons team was led by Qasim Aslam working with associates Ahmed Choudhry and Atif Choudhary.