Dubai Islamic Bank (DIB) said on 1 September that it had closed a three-year, $750 million senior unsecured commodity Murabaha term facility. According to the announcement carried by Emirates News Agency, this was the bank’s first syndicated Islamic financing transaction. Total commitments reached about $1.2 billion, approximately 1.6 times the facility size. HSBC Bank Middle East, Mizuho Bank and Standard Chartered acted as initial mandated lead arrangers, bookrunners and coordinators.

DIB said the transaction would diversify its funding sources. The source did not disclose pricing or the amount committed by each participating bank. Aggregate commitments do not mean all funds were drawn at once or establish a particular borrowing cost. Murabaha is the Sharia-compliant financing structure named in the announcement; the release does not publish every term of the transaction.