Ezdan Holding and Barwa Bank officials pose for a photograph.

Barwa Bank was an initial mandated lead arranger (IMLA) for Ezdan Holding Group’s first tranche of its $500mn debut syndication, which was closed recently.

In late 2013, Ezdan took on a new direction by looking to strategically diversify its business.

Ali Al-Obaidli, Ezdan CEO said, “Aside from being the first 100% Islamic finance transaction internationally syndicated for a Qatari corporate and led by a Qatari bank, the response to the syndication show a wide acceptance of the new business direction Ezdan announced late last year. Being a premier name in Qatar and one that commits itself on 100% compliance to Shariah, we were happy to have spearheaded this landmark Qatari Islamic finance transaction.”

Ezdan CFO Medhat Abdulmagid said, “It is important for Ezdan to strategically diversify sources of funding in order to support the companies vision for the future. Our aim is to be able to tap international liquidity with the same efficiency and effectiveness we enjoy in the local market. Ezdan maintains a premium credit profile which was evidenced by this successful syndication.”

Ezdan opted for an international placement of the transaction and Mashreq joined Barwa Bank as bookrunner through its regional office.

The mandated lead arrangers of the transaction were Ahli United Bank – Al Hilal Islamic Banking, Abu Dhabi Islamic Bank, QFC Branch, BIBD (Bank Islam Brunei Darussalam), Mashreq Al Islami and Union National Bank.

Qatar First Bank was co-arranger; Industrial and Commercial Bank of China, Doha (QFC) Branch and Sharjah Islamic Bank were lead participants on the transaction. The proceeds of the financing will be used to support the completion of key commercial and residential real estate developments in Qatar.

Barwa Bank has had an “impressive impact” on the syndicated finance and capital financing space given its relative age to other market players. Its chief business officer, Khalid al-Ahbabi said, “Barwa Bank was happy to be able to bring this transaction to market and evidences the investment the bank is making into product and services to better meet client needs. This is a watershed deal that highlights the sophistication of companies in Qatar being able to come to market in different financing formats.”