Bahrain’s Ithmaar Bank has signed a five-year $167m Islamic loan facility with Ahli United Bank, it said on Monday, marking its return to the credit markets since the financial crisis.
Hit by a 2008 regional real estate crash and a freeze in financing, Ithmaar had suffered heavy losses in 2009. In October 2009 the company said it planned to raise between $400m to $500m to repair its balance sheet, through a rights issue and by placing a convertible Islamic bond.
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