Bank of London and The Middle East (“BLME”), the largest Islamic bank in Europe whose main shareholders are Boubyan Bank and the Public Institution for Social Security, has announced a revolving Murabaha financing agreement with Masthaven Property Finance Limited (“Masthaven”), a subsidiary of Masthaven Group Limited.
The financing is for a term of three years and has been secured for the purpose of funding Masthaven’s bridge and short term property finance business.
Massoud Janekeh, Head of Islamic Capital Markets at BLME said: “Due to the nature of bridging loans and short term property finance Masthaven required a flexible facility with rolling repayments. BLME was able to provide this flexibility. We have also found that many businesses in UK, and particularly in the property sector, are increasingly looking for partners that can offer a stable funding platform.
“To my knowledge this is the first time that a facility like this has been provided by an Islamic Bank. This goes to show that BLME continues to lead the way in developing innovative, competitive and personalized solutions for our partners.”
Andrew Bloom, Managing Director at Masthaven, commented: ” This was the first time Masthaven have used Islamic banking as a means of financing and I’m very pleased with the outcome, and the partnership we have developed with BLME.”
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