| Kippreport.com

SriLankan Airlines gets $175 million Islamic loan from Gulf banks

July 1, 2012 5:17 by Reuters

The state-owned airline completed the four-year facility with Abu Dhabi Islamic Bank, Abu Dhabi’s Al Hilal Bank, Mashreqbank, Dubai’s Noor Islamic Bank and United Bank Limited, a statement from Mashreq’s Islamic arm said.

 

The loan was provided in dollars and UAE dirhams and will be repayable from ring-fenced cash flows, the statement added.

 

“The successful closure of this transaction is clear evidence of the growing acceptance of the Sri Lanka credit story in international markets,” said John Iossifidis, head of international banking group at Mashreq.

 

SriLankan Airlines has 19 aircraft and flies to 60 destinations, according to the statement.

Tags: Gulf banks, loan, Ring-fenced cash flows, Sharia-complaint loan, SriLanka Airlines