Bank Islam Malaysia Bhd this morning concluded a syndicated Islamic financing facility of RM330 million for Kedah Sato Sdn Bhd, a wholly owned subsidiary of Bina Darulaman Bhd (BDB), for the construction and development of a permanent campus for Kolej Universiti Insaniah (KUIN) in Baling, Kedah.
Bank Islam, the lead arranger, completed the exercise with the participation of Affin Islamic Bank Bhd as co-arranger. Bank Islam’s syndication is RM200 million, while Affin Islamic’s portion is RM130 million.
The facility will be used to finance the total construction and development and other costs relating to the KUIN project. Under the financing structure, Kedah Sato shall settle the facility over 15 years, inclusive of a three-year grace period.
The agreements for the facility were signed this morning between Kedah Sato, Bank Islam and Affin Islamic. The event was witnessed by Kedah Menteri Besar Datuk Seri Azizan Abdul Razak.
“The syndicated financing will contribute to the economy of the State. Currently, Kedah is experiencing economic growth at a very exhilirating rate representing five per cent of the nation’s gross domestic product (GDP), and foreign direct investment (FDI) and a strong potential in its major industries which are hi-tech,
bio-tech and manufacturing sector.
Bank Islam managing director Datuk Seri Zukri Samat said, Bank Islam had also provided the financing for KUIN’s present campus, comprised of shop house buildings located at Lebuhraya Sultanah Bahiyah, Alor Setar.
KUIN, an institute of higher learning for Islamic studies, has a current enrolment of over 4,000 students. KUIN’s new campus will cater to the expansion and growth of the college as well as the growing student population.
source : mmail.com