Dubai—Dentons has advised a consortium of banks led by Islamic bank Al Hilal Bank, based in Abu Dhabi, on a US$200 million Shariah-compliant syndicated facility. The financing was made available to Islamic bank Ajman Bank, to support its banking activities. 

The dual tranche facility comprised Murabaha and Wakala structures for which the participants were regional Islamic banks, Al Hilal Bank, Emirates Islamic Bank, Sharjah Islamic Bank and Qatar Islamic Bank.

Qasim Aslam, Head of Islamic Finance, Middle East, commented, "We are pleased to have represented Al Hilal Bank and the other consortium members on this transaction. It typifies the range of bank debt deals and DCM financings across a vibrant institutional financing sector. It is very positive to see the increased ease of access for Islamic banks in this sector, driven in part by great advances in Islamic structuring." 

The Dentons team was led by Qasim Aslam working with associates Ahmed Choudhry and Atif Choudhary.