SriLankan Airlines closes Islamic loan

SriLankan Airlines has secured a $175m structured Islamic facility. The four-year loan subscribed in US dollars and UAE dirhams was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Mashreq’s Islamic Banking Division, Mashreq Al Islami, Noor Islamic Bank and United Bank Limited. Mashreq Al Islami acted as the Coordinating Bank. The facility is repayable over a period of four years from assigned ring-fenced cash flows with suitable credit enhancements. “The successful arrangement of this facility will financially strengthen SriLankan Airlines at a time when the Government of Sri Lanka expects the airline to be a catalyst for the further