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Kuwaiti telecom operator Zain signs $250m Islamic loan

Zain will use the money to meet its “operational and expansion financing needs”

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Kuwait’s Zain has secured a $250 million four-year Islamic loan from a syndicate of three Gulf banks, the telecommunications operator said on Wednesday.

Zain, which operates in eight countries in the Middle East and Africa, has signed the Murabaha sharia-compliant cost-plus-profit facility with lead lender Boubyan Bank , plus Kuwait International Bank and Qatar Islamic Bank.

Zain will use the money to meet its “operational and expansion financing needs”, it said in a statement.