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ADCB ExtendsDh300Million Facility to Dubai Silicon Oasis
ABU DHABI — Abu Dhabi Commercial Bank, or ADCB, has approved a Mudaraba Medium Term Facility amounting to Dh300 million for Dubai Silicon Oasis Authroity DSOA, which is developing a regional hub for high-tech industries.
The funds will be used to help finance the development of facilities within the technology park.
The Mudaraba facility is a Shariah- compliant partnership contract that allows profit from the project to be shared between the parties involved.
“This is yet another step in ADCB’s advancement of purely Islamic finance facilities, and has been developed through our independent Islamic banking arm, ADCB Meethaq,” said Howard Gaunt, ADCB Executive Vice-President and Head Business Banking.
“The facility is indicative of our long-term commitment to finding new and influential funding solutions in every sector of the economy, with a particular emphasis on sizeable infrastructure projects,” he added.
William Chappell, Chief Financial Officer at DSOA, said: “We are confident that the Bank will find DSO a viable investment option, and an ideal partner for an Islamic funding vehicle.”
The Authority has diligently worked towards creating a multi-faceted integrated technology park based on sound financial planning, he said.
“The approval of this Islamic finance facility demonstrates the financial strength of Dubai Silicon Oasis Authority in the current financial crisis.”
Explaining the detail of the facility, Mufaddal Khumri, ADCB’s Head Islamic Banking, said that Mudaraba financing allows the Bank to take the position of investor (Rabb Al Mal) through this facility for Dubai Silicon Oasis Authority.
“We have no doubt whatsoever, that DSOA will achieve success in the project, and believe this is a perfect example of modern, sophisticated, large-scale Islamic finance in action in the region.”
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