December 21, 2011
Brazil's Banco Pine has closed a $37.5m loan from Saudi Arabia's Al-Rajhi B
Brazil's Banco Pine has closed a $37.5m loan from Saudi Arabia's Al-Rajhi Bank, in what it says is the first Islamic funding for a Brazilian bank. An IR official at the mid-size lender declines to disclose the cost of the 1-year loan, though notes that the structure follows Islamic financing principles by involving the buying and selling of a specific asset, rather than charging interest. Citi, Commerzbank and JPMorgan participated in the loan, which Al Rajhi arranged.