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Kuwaiti telecom operator Zain signs $250 mln Islamic loan
April 2, 2014 / 11:01 AM / 3 years ago

Kuwaiti telecom operator Zain signs $250 mln Islamic loan

DUBAI, April 2 (Reuters) - Kuwait’s Zain has secured a $250 million four-year Islamic loan from a syndicate of three Gulf banks, the telecommunications operator said on Wednesday.

Zain, which operates in eight countries in the Middle East and Africa, has signed the Murabaha sharia-compliant cost-plus-profit facility with lead lender Boubyan Bank , plus Kuwait International Bank and Qatar Islamic Bank.

Zain will use the money to meet its “operational and expansion financing needs”, it said in a statement. (Reporting by Matt Smith in Dubai; Editing by Greg Mahlich)

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