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Tuesday, 18 December 2007

HSBC and KFH arrange US$50m ijarah facility for India's SREI

KUALA LUMPUR: HSBC Ltd and Kuwait Finance House Bhd (KFH) have teamed up to arrange the first Islamic financing to originate out of India, a US$50 million (RM167.5 million) ijarah facility for SREI Infrastructure Finance Ltd (SREI).

SREI, a leading non-banking financial institution in India, would use the facility to purchase machinery and equipment for its leasing business, the banks said in a joint statement.

HSBC Amanah Malaysia managing director Yakub Bobat said the syariah-compliant facility would tap the liquidity available in the Middle East.

“This is the third cross-border transaction that HSBC Amanah Malaysia, as HSBC’s regional Islamic centre of excellence, has completed in Asia in 2007. This is a reflection of our commitment to support the drive to make Malaysia a regional Islamic financial centre,” he said.

Meanwhile, KFH managing director Datuk Salman Younis said: “We are pleased to be involved in this arrangement as we can make a strong presence in India, given its prominence as an emerging market.”

India is the second fastest growing economy in the world, expanding an average of 8.6% annually for the past four years.

SREI is the first Indian infrastructure financing company to be listed on the London Stock Exchange. --(TE, 17 Dec 07)

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