Government raises $500 million through Islamic syndicated loan

The government of Pakistan has raised $500 million through an Islamic syndicated loan provided by a consortium of 12 banks, it said in a statement on Sunday. The loan, coordinated by Emirates NBD Capital, was 40 percent oversubscribed. The group of lenders includes Commercial Bank of Dubai, Emirates NBD, Noor Bank, Allied Bank, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq Bank, Sharjah Islamic Bank, Samba Financial Group, Bank of Jordan, Habib Bank Limited and Union De Banques Arabes Et Francaises.