JAKARTA: Mandala Finance secured a syndicated loan of US$25 million
from four foreign banks, to support sharia-based financing for
motorcycle in 2012.
The company enjoys the 4-year loan under murabaha contract, from
Islamic Corporation for the Development of Private Sector (ICD), The
Islamic Corporation for Insurance and Export Credit (ICIEC), Kuwait
Finance House Bhd (KFH), and Unit Investment Fund (IUF) of Islamic
Development Bank. (source)
Mandala Finance will use the loan to finance new motorcycles based on
sharia principle in 2012, said President Director Mandala Finance
Harryjanto Lasmana. The sharia unit of the company has been contributing
20% of total financing disbursement.
“Through September, sharia financing reached IDR612 billion, growing
20% from the same period last year. We expect sharia financing will
reach IDR700 billion this year,” he said today.
The company, he added, will boost sharia financing up to IDR1 trillion,
supported by loans from sharia banks other than ICD such as PT Bank
Syariah Mandiri, PT BRI Syariah, PT Bank Muamalat Tbk, and Bank CIMB
Niaga Syariah.
The loan facility continues the partnership between Mandala Finance and
ICD in 2008, said ICD Director Basel Awni Sharif Al-Hag Issa.
Contributing US$10 million, ICD plays as the leader of the syndication.
The Jeddah, Saudi Arabia-based lender is focusing on giving credit
under the sharia principles to small and medium businesses that work on
agribusiness, bio-technology, education, financial service, manufacture,
healthcare, etc. (t04/ags)
Source : http://www.bisnis.com/articles/mandala-finance-gets-us$25-million-syndicated-loans - Nov 14, 2011
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