Maybank, RB Capital ink landmark S$260m Islamic financing deal

Singapore—Malayan Banking Bhd (Maybank) and Singapore-based RB Capital inked a S$260mil (RM751mil) Islamic financing deal, one of the biggest Islamic deals in Singapore. The landmark deal involved a 442-room mid-tier Holiday Inn Express Singapore Clarke Quay as the underlying security. Hospitality-related assets are not typical in Islamic financing, which makes this the first to be done in a secular country.
“The deal is competitive to conventional financing. In addition, it provides RB Capital with the ability to further explore Islamic-compliant investments and financing regionally,” said RB Capital’s chief executive officer Kishin RK in a statement yesterday. “We are delighted to have worked with Maybank to execute a first-of-a-kind deal in Singapore to meet the growing demand from Islamic investors,” he added.—Bernama

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