Standard Chartered Bank has arranged USD 32m diminishing Musharakah facility for Noman Terry Towel Mills Limited and Ismail Spinning Mills Limited, two concerns of Noman Group. Standard Chartered Bank of Bangladesh arranged Islamic USD syndication for the first time. The facility will finance the company's capital expenditures and support export growth of Noman Group.
The Facility has been participated in by Standard Chartered Bank UK and Islamic Corporation for the Development (ICD) of the Private Sector of Islamic Development Bank Group. This reflects the strength of Noman Group's business fundamentals and reputation, as well as the Lead Arranger's close-knit relationship with the international investors. The deal was recognized as one of the Islamic Finance News (IFN) Deals of the Year 2016.
Noman Group is the largest home textiles exporter of the country, contributing 35% of the country's entire export market of home textiles. A crest handover ceremony for the Syndicated Diminishing Musharakah Facility took place in the city on January 24, which was attended by Chairman of Noman Group Md Nurul Islam, Chief Executive Officer of Standard Chartered Bank of Bangladesh Abrar A Anwar and senior officials of both organizations.
Abrar A Anwar, Chief Executive Officer of Standard Chartered Bank of Bangladesh said, "Standard Chartered is delighted to be the Mandated Lead Arranger for this landmark Shariah based Islamic Banking transaction executed for Noman Group. We continuously strive to bring innovative products to the market and I would like to thank our clients, investors, regulators and all other stakeholders for their support, which has helped to develop and lead the loan syndication market in Bangladesh."