The success of Kuwait International Bank’s first Islamic funding facility underlines the high activity levels in the syndicated loan market in the Middle East, which is at a seven-year high for value year-to-date.

On August 24 the Kuwaiti bank closed a three-year $320 million Murabaha financing package, a funding line compliant with Islamic law. The deal was scaled up from an initial $100 million after what Bahrain-based initial mandated lead arranger Bank ABC called "strong interest from the market". According to data firm Dealogic, 10 banks backed the deal.