Stanford Marine Group unit closes 1.2 bln dirham Islamic loan

June 15, 2015 12:56 PM

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DUBAI, June 15 A unit of Stanford Marine Group has closed a 1.2 billion dirham ($326.7 million) sharia-compliant loan deal with a group of banks to consolidate its debts into one facility at a cheaper cost, the arranging bank said on Monday.

The murabaha-structured facility for offshore vessel operator Stanford Asia Holding Company was arranged by Dubai-based Noor Bank, with five other banks from the United Arab Emirates and Qatar taking part, it said.

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