AlBaraka Islamic Bank, one of the banking units of Albaraka Banking Group (ABG), said that it has signed a $15 million transaction for the provision of leasing and Murabaha facilities to Damam-based Amiantit Fiberglass Industries Limited (Afil). A leading designer and manufacturer of glass reinforced plastic pipes, Afil is a subsidiary of the Saudi Arabian Amiantit Company. The signing ceremony took place at AlBaraka's head office in the Diplomatic area. On behalf of Dr Solaiman AlTwaijri, CEO of Saudi Arabian Amiantit and Afil president, Wehbe M. Rafih, chief financial officer, and Mussab Al-Wohabe assistant chief financial officer, represented the company. AlBaraka Islamic Bank was represented by Mohamed Al Mutaweh, CEO and board member, Abdulaziz Al-Gosaibi AGM and head of international banking department, Hussain Al-Nattaie, head of corporate banking and syndications and Noor ul Mobeen from corporate banking attended the ceremony. Established in 1977 in Dammam, Afil uses state-of-the-art Flowtite Technology in the manufacturing process to produce pipes in diameters ranging from 80 mm to 4,000 mm. Al-Mutaweh said the leasing transaction and Murabaha facilities although not too large in amount was a big and proud step for AlBaraka family. “It clearly demonstrates AlBaraka's ability to penetrate in the regional market for well-renowned borrowers, like Amiantit,” he added. Established in 1977 in Dammam, Afil has become a world leader in the design and manufacture of GRP pipes, with over 7,000 km of pipes and fittings produced to date. The company produces pipes in diameters ranging from 80mm to 4000mm.
