VMMEA secures US$15 million Murabaha loan

Virgin Mobile Middle East & Africa has secured a US$15 million senior secured facility, with the cross-border agreement covering operations in Oman, Jordan, Saudi Arabia, Malaysia, and South Africa.

The Shariah-compliant financing was secured from the Bank of London and the Middle East (BLME,) the largest Islamic bank in Europe, as part of a Murabaha agreement. The closing and initial drawdown has already been successfully concluded.