UAE-based Ajman Bank arranged a syndicated financing of $275 million for the government of Pakistan in May, the bank said on Monday. A number of banks participated in the one-year Islamic loan, which has a Murabaha structure and was solely arranged by Ajman Bank, it said in a statement.

The Pakistani government last month signed a $375 million syndicated loan with UAE banks which included conventional and Islamic tranches. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.

Copyright Reuters, 2019