Olam secures $625m Sharia-compliant facility
The Olam Group Limited (Olam Group), yesterday, said that its food, feed and fibre operating group, Olam Agri, has secured a commodity, Murabaha, from a diversified group of global investors, including UAE, Malaysia, Singapore and Hong Kong, totalling $625 million. This was contained in a statement issued on behalf of Olam Agric yesterday. Daily Trust […]
The Olam Group Limited (Olam Group), yesterday, said that its food, feed and fibre operating group, Olam Agri, has secured a commodity, Murabaha, from a diversified group of global investors, including UAE, Malaysia, Singapore and Hong Kong, totalling $625 million.
This was contained in a statement issued on behalf of Olam Agric yesterday.
Daily Trust reports that Olam Agri is a market leader in differentiated food, feed and fibre agri-business with a global origination footprint, processing capabilities and deep understanding of market needs built over 34 years.
N Muthukumar, Group CFO of Olam Group and CEO of Operations at Olam Agri, said: “This landmark commodity, Murabaha financing, further diversifies Olam Agri’s funding mix with access to a new investor pool which provides financing on the basis of Sharia principles.”
- Olam Agri affirms commitment to fish farming
- FG, centre build farmers’ capacity on agricultural best practices
The facility has Olam Agri subsidiaries, Olam Global Agri Pte Ltd and Olam Global Agri Treasury Pte Ltd, as purchasers with a tenor of three years.
Emirates NBD Capital Limited and Abu Dhabi Commercial Bank are the global Sharia coordinators for the facility.
Abu Dhabi Commercial Bank, Emirates NBD Bank and First Abu Dhabi Bank (FAB) are the senior mandated lead arrangers for the facility, while Citibank NA, Credit Agricole Corporate and Investment Bank, HSBC Amanah, Mizuho Bank Ltd, MUFG Bank (Malaysia), Berhad and Standard Chartered Bank are the mandated lead arrangers.
Emirates Islamic Bank is lead arranger and FAB is the investment agent.