Kuwaiti telecom operator Zain signs $250m Islamic loan
Zain will use the money to meet its “operational and expansion financing needs”
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.