DUBAI: UAE-based Ajman Bank arranged a syndicated financing of $275 million for the government of Pakistan in May, the bank said on Monday.

A number of banks participated in the one-year Islamic loan, which has a Murabaha structure and was solely arranged by Ajman Bank, it said in a statement.

The government last month signed a $375 million syndicated loan with UAE banks which included conventional and Islamic tranches.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.

Published in Dawn, July 2nd, 2019