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Financials

Abu Dhabi's Al Hilal Bank closes $175 mln two-yr Islamic loan - sources

DUBAI, Jan 14 (Reuters) - Abu Dhabi’s government-owned Al Hilal Bank has closed a $175 million Islamic loan transaction with three banks, sources aware of the matter told Reuters on Thursday.

The loan has a life span of two years, three sources with direct knowledge of the deal said, on condition of anonymity as the information is not public.

The transaction was arranged by Commerzbank, Emirates NBD and National Bank of Abu Dhabi, they added.

Al Hilal Bank’s spokesman declined to comment.

The sharia-compliant lender is one of a number of Gulf-based banks seeking funds to help ease a squeeze on liquidity caused by lower oil prices.

The sources on Thursday declined to give the pricing of the loan, although bankers told Reuters in November that Al Hilal Bank was marketing the loan with all-in pricing of 150 basis points over the London interbank offered rate (Libor). (Reporting by Archana Narayanan and Stanley Carvalho; Editing by David French)

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